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Former FLC chairman indicted for stock market manipulation

The Saigon Times

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HCMC – Trinh Van Quyet, former chairman of FLC Group, has been indicted for stock market manipulation and misappropriation of assets.

The Supreme People’s Procuracy issued an indictment against Quyet and 50 others on April 9, more than two years after Quyet’s arrest.

Quyet was accused of stock market manipulation and fraudulent misappropriation of assets, while the others were prosecuted for various related charges.

Among those indicted are four former officials of the Hochiminh Stock Exchange (HOSE), accused of abusing their positions and powers while performing official duties. They are Tran Dac Sinh, former chairman of HOSE; Le Hai Ha, former CEO of HOSE; Tran Tuan Vu, former deputy CEO of HOSE, and Le Thi Tuyet Hang, former director of the listing management and appraisal department at HOSE.

Three individuals are facing charges of publishing false information or concealing information in securities trading. They are Le Cong Dien, former head of the Public Companies Supervision Department under the State Securities Commission of Vietnam; Duong Van Thanh, former CEO of Vietnam Securities Depository (VSD), and Pham Minh Trung, head of VSD’s stock registration department.

Thirteen other individuals, including relatives and close associates of Quyet, were charged with stock market manipulation.

According to the indictment, Quyet orchestrated the acquisition of Faros Construction JSC and fraudulently increased its capital from VND1.5 billion to VND4.3 trillion, subsequently listing the company’s ROS shares on the HOSE.

Quyet allegedly sold over 391 million ROS shares to 30,403 investors, misappropriating more than VND3,600 billion.

He purportedly directed his two younger sisters and several associates to frequently buy and sell shares through multiple securities accounts, disrupting the fair operation of the stock market and artificially influencing supply and demand in 562 trading sessions.

Through the manipulation of five stocks, including AMD, HAI, GAB, FLC, and ART, Quyet and his associates illegally gained VND723 billion in profit.

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