Trinh Van Quyet, Ex-Chairman of the Board of Directors of the FLC Group JSC (File photo: VNA)Specifically, the defendants wereprosecuted for "Stock market manipulation," "Fraudulentappropriation of property," "Abuse of power or position whileperforming official duties," and "Intentional dissemination of falseinformation or concealment of information in securities activities".
Notably, Trinh Van Quyet, Ex-Chairmanof the Board of Directors of the FLC Group JSC, and his two younger sisters Trinh Thi Thuy Ngaand Trinh Thi Minh Hue were accused of "Stock market manipulation," and"Fraudulent appropriation of property”.
According to the indictment, these offensesoccurred at the FLC Group, BOS Securities Joint Stock Company, Faros ConstructionJoint Stock Company, related companies within the ecosystem of the FLC Group,the Ho Chi Minh Stock Exchange, the Supervision Department of Public Companiesunder the State Securities Commission, and the Vietnam Securities Depository.
Regarding the act of "Stock marketmanipulation", from May 26, 2017 to January 10, 2022, Quyet directed Hue andaccomplices to use the identities of employees, relatives, and acquaintances toestablish companies and open securities accounts and bank accounts.
Hue used these accounts to manage andconduct market manipulation activities involving five stocks, namely AMD, HAI,GAB, FLC, and ART. Following Quyet's instructions, Hue sold shares on themarket for illicit gains totaling over 723 billion VND (28.9 million USD) whenthe stock prices increased.
For the act of "Fraudulentappropriation of property," from 2014 to September 2016, Quyet directedindividuals who were leaders or employees of the Faros company, as well ascompanies within the FLC Group, and relatives and acquaintances to act asshareholders to falsify capital contribution documents to raise Faros's charteredcapital from 1.5 billion VND to 4.3 trillion VND.
They created documents and requested Statemanagement agencies in the securities sector to approve the registration of thecompany as a public company, the registration of securities depository, and thelisting of 430 million shares formed from the falsified capital contribution ofFaros on the Ho Chi Minh Stock Exchange.
After Faros's shares were listed on thestock exchange, from September 2016 to March 2022 (the time of indictment anddetention), Quyet and his accomplices sold over 391 million shares formed fromthe falsified capital contribution held in the Faros Company, resulting in proceedsof 4.8 trillion VND, of which over 3.6 trillion VND was misappropriated frominvestors in the stock market./.
VNA
