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FLC Faros deputy general director detained for alleged asset appropriation

The Saigon Times

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HCMC – Nguyen Thien Phu, deputy general director and head accountant at FLC Faros Construction Joint Stock Company, has been prosecuted and arrested for allegedly appropriating assets.

Ministry of Public Security investigators pressed charges against Phu yesterday, September 12, said Lieutenant General To An Xo, office chief and spokesperson of the ministry.

The arrest is the latest development in a major investigation into the allegations of stock market manipulation and asset appropriation found at FLC Group, BOS Securities Corporation, FLC Faros Construction JSC and other affiliated businesses.

According to the preliminary investigation results, while Phu was serving as FLC Faros deputy general director in the 2015-2016 period, he had allegedly assisted FLC chairman Trinh Van Quyet with asset appropriation by illegally jacking up FLC Faros’ charter capital from VND1.5 billion to VND4,300 billion, equivalent to 430 million ROS shares of FLC Faros on the local stock market.

Quyet was also accused of directing his younger sister, Trinh Thi Minh Hue, to offload ROS shares owned by Quyet and five other people to pocket over VND6,400 billion.

The police on August 25 decided to press additional charges against Quyet, his two young sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue, and Huong Tran Kieu Dung, former vice chairwoman of the FLC Group board of directors for allegedly committing fraud to appropriate assets.

Until now, the forces have prosecuted and detained six people linked to the case, including Quyet, Nga, Hue, Dung, Phu and Nguyen Quynh Anh, general director at BOS Securities Corporation.

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