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Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

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(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

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Ho Chi Minh City
Saturday, April 5, 2025

Seven more individuals accused of assisting Trinh Van Quyet in stock market manipulation

The Saigon Times

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HCMC – Seven more individuals in three different securities management units have been prosecuted for their alleged involvement in abetting Trinh Van Quyet, former chairman of FLC Group, manipulating the stock market.

The Office of the Police Investigation Agency (C01) under the Ministry of Public Security has filed charges against the trio for intentionally disclosing false information or concealing information in securities activities.

These individuals were affiliated with the Public Company Supervision Department under the State Securities Commission of Vietnam (SSC) and the Vietnam Securities Depository and Clearing Corporation (VSD).

Four people from the Hochiminh Stock Exchange (HOSE) are accused of abusing their powers during the performance of official duties.

The latest developments come as the C01 expands its investigation into the market manipulation and fraudulent asset misappropriation case linked to Trinh Van Quyet and his associates, reported the local media.

To date, a total of 51 people have been prosecuted in connection with the case.

According to the investigation, spanning from May 26, 2017, to January 10, 2022, Trinh Van Quyet allegedly directed his two younger sisters and several others to engage in frequent buying and selling of shares across multiple securities accounts. This activity allegedly disrupted the fair operation of the stock market and artificially influenced supply and demand in 562 trading sessions.

Through the manipulation of five stocks, including AMD, HAI, GAB, FLC, and ART, Quyet and his associates purportedly gained illicit profits amounting to VND723 billion.

Moreover, Quyet is accused of orchestrating the illegal inflation of FLC Faros’ charter capital from VND1.5 billion to VND4,300 billion, with the intention of siphoning funds from investors. Subsequently, Faros sought to register 430 million ROS shares on HOSE, allegedly leading to the misappropriation of over VND3.6 trillion from investors.

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