Police request eight banks to provide information related to FLC Group case
The Investigation Police Agency under the Ministry of Public Security, on April 8, sent a document to eight banks requesting them to provide information to serve the investigation of the act of stock market manipulation against Trinh Van Quyet, Chairman of FLC Group Joint Stock Company.
The eight banks are the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Vietnam Prosperity Joint Stock Commercial Bank (VPbank), Bank for Investment and Development of Vietnam (BIDV), Vietnam International Commercial Joint Stock Bank (VIB), Saigon - Hanoi Commercial Joint Stock Bank (SHB), and National Citizen Commercial Joint Stock Bank (NCB).
The banks are requested to cooperate in providing account registration documents, account statements, savings accounts, loans and transaction documents of Trinh Van Quyet and his two younger sisters - Trinh Thi Thuy Nga and Trinh Thi Minh Hue.
On March 29, the Investigation Police Agency launched criminal proceedings against and arrested Quyet for investigation of the act of stock market manipulation in the FLC Group, BOS Securities JSC and relevant companies. Nga, Deputy CEO of BOS Securities JSC, and Hue, a member of FLC Group JSC's accounting department, were arrested several days later.
On January 10, Quyet sold 74.8 million FLC shares without any 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) immediately decided to block Quyet’s securities accounts to prevent him from committing other illegal acts.
The SSC also asked the Ho Chi Minh City Stock Exchange (HoSE) to cancel the transactions of the 74.8 million FLC shares. Many investors were refunded.
On January 18, it issued another decision under which Quyet was fined VND1.5 billion (US$65,600), the heaviest penalty in line with regulations, and banned him from stock trading activities for five months.
It was the second time that Quyet was fined by the SSC for the same offence. In 2017, he was fined VND65 million for selling 57 million FLC shares without proper notice.