Two others involved in stock market manipulation case detained

The Ministry of Public Security’s Investigation Police Agency on April 8 launched criminal proceedings against and detained two other suspects for assisting Trinh Van Quyet, former Chairman of the FLC Group JSC, in manipulating the stock market.

The arrestees are Huong Tran Kieu Dung, Permanent Vice Chairwoman of the FLC Group and Chairwoman of the BOS Securities JSC, and Nguyen Quynh Anh, General Director of the BOS Securities JSC.

The Supreme People's Procuracy approved the decisions and procedural orders in accordance with the law.

Earlier, the Investigation Police Agency also launched criminal proceedings against and detained Quyet, and two accomplices, Trinh Thi Mai Hue and Trinh Thi Thuy Nga in service of the investigation on the charge of stock market manipulation. Hue and Nga are younger sisters of Quyet.

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.

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