15 under house arrest as stock manipulation probe expands
The Ministry of Public Security's investigative agency placed 15 people under house arrest Friday for suspected involvement in the stock market manipulation scam related to former FLC Group chairman Trinh Van Quyet.
The 15 people, including 10 staff members of FLC Group, are suspected of assisting Trinh Van Quyet in stock market manipulation.
The 15 people, including 10 staff members of FLC Group, were accused of assisting Trinh Van Quyet in stock market manipulation.
Do Thi Huyen Trang and Nguyen Thi Nga are staff of the FLC Group's accounting department. Eight others are executives and employees of FLC subsidiaries: Trinh Van Dai, deputy general director of FLC Faros Construction JSC; Trinh Thanh Huyen, employee of FLC Homes Company; Trinh Tuan, head of FLC Land's materials department; Hoang Thi Hue, former employee of FLC Digital Service and Trading JSC; Trinh Van Nam, former employee of Bamboo Airways; Nguyen Van Manh, employee of FLC's materials department; Nguyen Quang Trung, driver of Ha Thanh General Hospital; and Nguyen Thi Hong Dung.
The five others under house arrest are employees of BOS Securities JSC: Nguyen Thi Thanh Phuong, head of securities services; Nguyen Thu Thom, former deputy head of securities services; Bui Ngoc Tu, deputy head of securities services; Quach Thi Xuan Thu, chief accountant; and Tran Thi Lan, chief accountant.
The house arrests are part of an expanded investigation into the case of "stock market manipulation" and "fraudulent act to appropriate assets" that occurred at FLC Group, BOS Securities, FLC Faros and related companies.
In March 2022, Trinh Van Quyet, then chairman of FLC Group, one of Vietnam's leading real estate developers, was arrested on charges of “stock market manipulating” and “concealing information in securities activities”. Huong Tran Kieu Dung, then vice chairperson of FLC Group, and Nguyen Quynh Anh, then CEO of Bos Securities, were also arrested.
Between December 2021 and January 2022, Quyet ordered his two sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue, and many others to use multiple stock trading accounts to manipulate the market, pushing up the price of FLC shares by 64% from VND15,500 ($0.66) to VND24,050 ($1.02) each.
Then on January 10, 2022, Quyet ordered the sell of 76.7 million FLC shares and 74.8 million shares were matched at an average price of VND22,586 ($0.96), without disclosing the information before the transaction.
Quyet was accused of profiteering VND530 billion ($22.53 million) in this case. The police found that Quyet and his accomplices had caused serious damages to buyers of 60.1 million FLC shares on that day.
The investigative agency alleged that from 2014 to 2016, Quyet appropriated securities investors’ money when carrying out procedures to artificially raise the charter capital of Faros Construction JSC from VND1.5 billion ($64,000) to VND4.3 trillion ($183.5 million), equivalent to 430 million ROS shares, and listed them on the stock exchange.
Quyet directed Trinh Thi Minh Hue to sell all ROS shares with him and five others registered as owners to illicitly earn VND6.41 trillion ($273.7 million) from the sale by February 24, 2021.
- Read More
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7
Former Government Office chairman receives $7,900 bribe from property project
Mai Tien Dung, former Minister-Government Office Chairman, received a bribe worth VND200 million ($7,900) from Nguyen Cao Tri, owner of the Dai Ninh eco-resort and urban area project in Lam Dong province.
Society - Sat, November 2, 2024 | 9:13 pm GMT+7
Thai food giant CP enters public-private partnership to promote food system transformation
Thai-invested C.P. Vietnam Livestock JSC and the Partnership for Sustainable Agriculture Vietnam (PSAV) signed a memorandum of understanding Friday on working together to advance sustainable agriculture in the country.
Companies - Sat, November 2, 2024 | 7:16 pm GMT+7
Central Vietnam province Quang Ngai to begin work on new VSIP industrial park next year
Vietnam’s central province of Quang Ngai will work with the investor to have construction of VSIP II Quang Ngai, a facility based on the Vietnam-Singapore Industrial Park (VSIP) model, begin in August 2025.
Industrial real estate - Sat, November 2, 2024 | 3:47 pm GMT+7
Vietnam likely to grow 6.5% in 2024-2025: VinaCapital
VinaCapital, among the biggest foreign-run asset managers in Vietnam, has forecast the country’s economy to achieve 6.5% growth in both 2024 and 2025, with the composition of the expansion to change to more domestically driven factors next year.
Economy - Sat, November 2, 2024 | 2:00 pm GMT+7
Major Vietnamese developer Novaland appoints new CEO
Duong Van Bac, who joined Novaland as chief financial officer in August 2023, has been appointed general director, starting Friday.
Companies - Sat, November 2, 2024 | 10:24 am GMT+7
Vietnamese conglomerate Bamboo Capital posts 36-fold profit growth in Q3
Ho Chi Minh City-based Bamboo Capital Group recorded an after-tax profit of VND331.2 billion ($13.1 million) in the third quarter of 2024, an astounding 36-fold expansion year-on-year.
Southeast Asia - Sat, November 2, 2024 | 9:41 am GMT+7
ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout
Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.
Companies - Sat, November 2, 2024 | 9:13 am GMT+7
Steel heavyweight Hoa Phat pours over $2 bln into central Vietnam complex
Leading Vietnamese steelmaker Hoa Phat had invested more than VND52.5 trillion ($2.08 billion) in its Dung Quat Iron and Steel Integrated Complex (Dung Quat 2) in the central province of Quang Ngai as of Q3/2024.
Industries - Sat, November 2, 2024 | 8:00 am GMT+7
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7
Thailand bans export of raw palm oil until December
Thailand's Department of Internal Trade has temporarily banned the export of raw palm oil due to reduced production caused by drought and plant diseases.
Southeast Asia - Fri, November 1, 2024 | 8:31 pm GMT+7