FLC Chairman Trinh Van Quyet prosecuted, arrested

The Investigation Police Agency of the Ministry of Public Security (C01), on March 29, issued a decision to investigate the criminal case, decisions to prosecute the accused, and an arrest warrant for Trinh Van Quyet, Chairman of FLC Group. At the same time, police have searched the residences and workplaces of related subjects at 21 places.
FLC Chairman Trinh Van Quyet prosecuted, arrested ảnh 1

FLC's Chairman Trinh Van Quyet is prosecuted and arrested.

The C01 conducted an investigation and verification against FLC’s Chairman Trinh Van Quyet and individuals from FLC Group, BOS Securities Joint Stock Company, and relevant companies on the act of “stock market manipulation” and “concealment of information in securities activities" occurred on January 10, causing serious losses to investors, affecting the operation of Vietnam's stock market.

The above behaviors of Trinh Van Quyet, Chairman of the Board of Directors of FLC Group Joint Stock Company, have essential elements to constitute the crime of stock market manipulation, specified in Article 211 of the Penal Code.

Initially, on March 29, the C01 issued decision No.06/QD-VPCQCSDT to investigate the criminal case, decisions to prosecute the accused, and the arrest warrant for FLC’s Chairman Trinh Van Quyet. At the same time, police have searched the residences and workplaces of related subjects at 21 locations.

Decisions and procedural orders of the C01 were approved by the Supreme People's Procuracy following the law.

Previously, regarding Quyet's stock trading history, the State Securities Commission of Vietnam (SSC) issued a decision to sanction the Chairman of FLC Group for administrative violations in the field of securities and the stock market.

The fine of VND1.5 billion (US$66,000) was because he did not report in advance his share sale, which was expected to take place from January 10. According to the SSC's record, the number of shares sold by Quyet without reporting was 74.8 million.

The SSC issued Decision No.164/QD-XPHC on sanctioning administrative violations in the field of securities and stock market against FLC Group of Trinh Van Quyet, with a penalty of VND100 million ($4,371) for not disclosing information that must be disclosed following the law.