Trinh Van Quyet, former Chairman of the FLC Group Joint Stock Company (Photo: VNA)Accordingly, from an expanded investigation into a stockmarket manipulation case occurring at the FLC Group, BOS Securities JSC, andrelated companies, investigators concluded there were grounds to determine that inaddition to the criminal act already prosecuted, the group also committed the act of obtainingproperty by fraud.
The four defendants were said to perform their fraud from2014 to 2016 via carrying out procedures to increase the charter capital of theFLC Faros Construction company (ROS) from 1.5 billion VND (64,055 USD) to 4.3trillion VND, equivalent to 430 million shares. When the shares were listed onthe 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 ofhis 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 suspectedstock market manipulation./.
VNA
