Former economic group head prosecuted for fraud
The Ministry of Public Security on August 25 launched criminal proceedings against Trinh Van Quyet, former Chairman of the FLC Group Joint Stock Company, and three others on a charge of fraudulent appropriation of property, following their earlier arrests for alleged stock market manipulation.
Trinh Van Quyet, former Chairman of the FLC Group Joint Stock Company (Photo: VNA)Accordingly, from an expanded investigation into a stock market manipulation case occurring at the FLC Group, BOS Securities JSC, and related companies, investigators concluded there were grounds to determine that in addition to the criminal act already prosecuted, the group also committed the act of obtaining property by fraud.
The four defendants were said to perform their fraud from 2014 to 2016 via carrying out procedures to increase the charter capital of the FLC Faros Construction company (ROS) from 1.5 billion VND (64,055 USD) to 4.3 trillion VND, equivalent to 430 million shares. When the shares were listed on the stock exchange, they sold them to take money from investors.
As of February 24, 2021, Quyet directed his accountant, who is also prosecuted in this case, to sell all of his ROS shares and those of five other individuals for 6.412 trillion VND, then withdrew cash to appropriate the money.
On March 29, 2022, Quyet was detained for investigation of suspected stock market manipulation./.
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