Business

Another detained on charge of stock market manipulation

The Ministry of Public Security has decided to launch criminal proceedings against and detain Trinh Thi Minh Hue, a member of FLC Group JSC's accounting department, for assisting Trinh Van Quyet, former Chairman of the company, on the charge of stock market manipulation.
Another detained on charge of stock market manipulation ảnh 1At the headquarters of FLC Group. (Photo: VNA)
Hanoi (VNA) - The Ministry of Public Security has decided to launch criminal proceedings againstand detain Trinh Thi Minh Hue, a member of FLC Group JSC's accountingdepartment, for assisting Trinh Van Quyet, former Chairman of the company, on the charge of stock market manipulation.

Chief of the Office and Spokesperson of the ministry Lieut. Gen. To An Xo said on April 4 that the Supreme People's Procuracy has approvedthe decisions and procedural orders in accordance with the law.

On March 29, the Investigation Police Agency decided tolaunch criminal proceedings against and detain Quyet in service of the investigation on the charge of stock market manipulation.

On January 10, Quyet sold 74.8 million FLC shares withoutany reports and notifications in advance as stipulated in regulations,triggering public concern and pushing the stock market into chaos.

The State Securities Commission of Vietnam (SSC) immediatelydecided to block Quyet’s securities accounts to prevent him from committing otherillegal acts.

The SSC also asked the Ho Chi Minh City Stock Exchange(HoSE) to cancel the transactions of the 74.8 million FLC shares. Manyinvestors were refunded.

On January 18, it issued another decision underwhich Quyet was fined 1.5 billion VND (65,600 USD), the heaviest penalty inline with regulations, and banned him from stock trading activities for fivemonths.

It was the second time that Quyet was fined by the SSC forthe same offence. In 2017, he was fined 65 million VND for selling 57 millionFLC shares without proper notice./.
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#FLC Group JSC #Trinh Van Quyet #Trinh Thi Minh Hue #stock market manipulation #vietnam #vietnam news agency #vietnamplus
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