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Two more people involved in FLC case detained

The Saigon Times

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HCMC – Huong Tran Kieu Dung, permanent vice chairwoman of FLC Group and chairwoman of BOS Securities Corporation, and Nguyen Quynh Anh, general director of BOS Securities Corporation, were arrested on April 8 for allegedly assisting former FLC chairman Trinh Van Quyet with manipulating the stock market.

According to the Investigation Police Agency (C01) under the Ministry of Public Security, Dung and Anh were accomplices of Quyet, who was arrested on March 29.

C01 earlier asked eight banks to provide documents on the bank account opening, payments, savings, loans and account statements of several people and units relating to FLC Group, including Dung and Anh.

Dung held many other important posts at FLC, including general director from May 2015 to March 2017 and from July 2018 to April 2020, before becoming vice chairwoman of the group.

On April 6, Dung was fined VND70 million for consistently being a member of seven companies’ director boards. Meanwhile, under the Securities Law, a member of the director board of a public company is allowed to hold the same post in no more than five other firms.

Besides Quyet, Dung and Anh, C01 had earlier detained the two younger sisters of Quyet — Trinh Thi Thuy Nga, deputy general director of FLC-affiliated BOS Securities Corporation, and Trinh Thi Minh Hue, a member of the accounting board of FLC Group.

According to C01, their practices have left a negative impact on stock investors and the normal operations of the stock market.

From December 1 last year to January 10 this year, Quyet directed leaders of BOS Securities Corporation and FLC’s affiliates and satellite companies to use 20 stock trading accounts of 11 units to continuously buy and sell FLC shares, thus sending the FLC stock price surging from VND14,650 to VND24,000.

When FLC reached its ceiling price, Quyet directed the sale of 175 million FLC shares, but 74.8 million shares were matched at VND22,586 each. However, Quyet did not disclose information prior to the transaction as required by law.

The Hochiminh Stock Exchange later canceled the FLC chairman’s sale of 74.8 million FLC shares.

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