Illustrative image (Photo: Internet)The agency also issued supplementary conclusionsregarding investigation into the offenses of "Stock market manipulation,""Fraudulent appropriation of property," "Abuse of power orposition while performing official duties," and "Intentionaldissemination of false information or concealment of information in securitiesactivities" in the case.
These offenses occurred at FLC Group, BOS Securities Joint Stock Company, Faros Construction Joint StockCompany, related companies within the ecosystem of the FLC Group, the Ho ChiMinh Stock Exchange, the Supervision Department of Public Companies under theState Securities Commission, and the Vietnam Securities Depository. The acts were committed by Trinh Van Quyet, former Chairman of the Board of Directors of FLC Group,accomplices, and individuals from State management agencies in the securitiessector.
Regarding the act of "Stock market manipulation",the investigation agency concluded that from May 26, 2017 to January 10, 2022, Quyet directedTrinh Thi Minh Hue (Quyet's younger sister) and accomplices to use theidentities of employees, relatives, and acquaintances to establish companies and open securities accountsand bank accounts.
Hue used these accounts to manage and conduct marketmanipulation activities involving five stocks, namely AMD, HAI, GAB, FLC, andART. Following Quyet's instructions, Hue sold shares on the market for illicitgains totaling over 723 billion VND (29.3 million USD) when the stock pricesincreased.
For the act of "Fraudulent appropriation ofproperty," the investigative agency determined that from 2014 to September2016, Quyet directed individuals who were leaders or employees of Faros company,as well as companies within the FLC Group, and relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's chartercapital from 1.5 billion VND to 4.3 trillion VND.
They created documents and requested State managementagencies in the securities sector to approve the registration of the company asa public company, the registration of securities depository, and the listing of430 million shares formed from the falsified capital contribution of Faros on the Ho Chi Minh Stock Exchange.
After Faros's shares were listed on the stock exchange, fromSeptember 2016 to March 2022 (the time of indictment and detention), Quyet andhis accomplices sold over 391 million shares formed from the falsified capitalcontribution held in Faros Company, resulting in proceeds of 4.8 trillion VND,of which over 3.6 trillion VND was misappropriated from investors in the stockmarket.
Regarding the offenses of "Abuse of power or positionwhile performing official duties" and "Intentional dissemination offalse information or concealment of information in securities activities",the investigation agency probed and clarified the wrongdoings of individuals working inState management agencies authorised to approve the registration of publiccompanies, securities depository, and stock listing.
To date, the Investigation Police Agency has launched a criminal case and legalproceedings against 51 defendants, with 21 charged with "Stockmarket manipulation"; 31 with "Fraudulent appropriation ofproperty"; and four from the Ho Chi Minh Stock Exchange with " Abuse ofpower or position while performing official duties"./.
VNA
