'Female general' prosecuted with FLC founder Trinh Van Quyet

Huong Tran Kieu Dung, former permanent chairwoman of real estate developer FLC Group, is being tried for fraudulent appropriation of property and stock market manipulation at the trial of former FLC chairman Trinh Van Quyet and his accompanies that opened in Hanoi on Monday.

Dung was once the most prominent "female general" at FLC Group, which was founded by Trinh Van Quyet. Before being arrested, she was a powerful woman and also the right hand of Quyet.

Born in 1978, Dung intended to get married as soon as she graduated from university. However, following her father’s advice, she decided to temporarily put aside marriage and go to France to study for a master's degree.

While pursuing a doctorate course, Dung got married and had a baby. Despite hardships, thanks to the will and perseverance fostered by her father and encouragement from her teachers, she earned a PhD degree in construction planning law from France’s Montesquieu Bordeaux IV University.

Dung once told the press that in addition to her passion for law, business was also an interest. While studying at university, she did part-time jobs and participated in a small-scale business with her family. When she graduated, she opened an import-export company.

From there she went on to hold important leadership positions at a number of businesses, acquiring more experience and knowledge about corporate governance, construction consulting, project implementation, investment, and mergers and acquisitions.

From May 2008 to December 2010, she was director of the Aid-coop project of Gret, an international non-governmental organization. She worked as CEO of Vietnam Urban Development and Investment Joint Stock Company between January 2011 and June 2012, and head of the legal department at Vinaroyal Group and consulting lawyer for Bao An Group from June 2012 to February 2013.

This businesswoman began working for FLC Group in March 2013 when she was the principal lawyer for SmiC Law Company Limited, whose CEO was Quyet.

In October 2013, she worked as head of the legal and project development department at FLC Group. From December 13, 2013 to May 2015, Dung served as deputy CEO and head of the legal and project development department at FLC Group, before taking on the position of vice chairwoman of the group from March 2017.

Dung shared that: "There is one thing in common between me and many others in the FLC board of directors: we have received in-depth training and have worked for many years in the field of law. The environment and strategic orientation of FLC Group are those I want to achieve in my career."

With extensive and diverse experience, in addition to being a powerful "female general" at FLC Group, Dung also held many important positions at FLC subsidiaries such as chairwoman of FLC Faros Construction JSC (ROS), BOS Securities JSC (ART), and CEO of FLC Homes JSC (FHH).

It seemed that Dung's career would flourish further with FLC, but she got caught up in legal trouble, and officially appeared in court on Monday with FLC founder Trinh Van Quyet.

According to the indictment, Dung did not pay capital contributions or receive loans from FLC Faros, but was assigned by Quyet to sign transfer contracts and capital contribution payment slips to own 52.35 million ROS shares, equivalent to VND523.5 billion ($20.66 million) per par value.

She then signed a transfer contract to return 10.35 million shares to Quyet to validate the listing application. Dung gave the remaining 42 million shares to Trinh Thi Minh Hue, Quyet’s younger sister, for sale to collect money for Quyet.

In addition, Dung also signed two entrusted investment contracts from FLC Faros worth VND48 billion ($1.89 million) to legalize an increase of capital contribution. After FLC Faros was listed on the Ho Chi Minh Stock Exchange (HoSE) as ROS, she continued to sign papers to transfer VND7,326 billion ($298.2 million) to hide the false capital contribution.

Dung's actions helped with the ROS listing, creating conditions for Quyet to sell ROS shares to appropriate over VND3.6 trillion ($142.1 million) from more than 30,400 investors. The indictment said that Dung confessed to her crimes and voluntarily paid VND200 million ($7,894) to fix the consequences.

For the charge of stock market manipulation, despite knowing that Trinh Thi Thuy Nga (Quyet's younger sister) allowed members of Quyet's group to buy shares when there was not enough money in their accounts was illegal, she still signed the minutes of board meetings and represented the board of directors to sign a resolution authorizing Nga to use the accounts managed by Trinh Thi Minh Hue to buy shares worth VND10 billion ($394.711) without legal collateral.

"That act helped Trinh Van Quyet manipulate FLC of FLC Group, GAB of FLC Mining Investment & Asset Management JSC and ART, earning illegal profits of more than VND445 billion ($17.56 million).

Dung also confessed to the above crime and admitted that she only received a monthly salary of VND80 million ($3,158)," according to the indictment.