Former FLC chairman investigated for fraudulent appropriation of assets
Former chairman of FLC Group Trinh Van Quyet and his two sisters are being investigated over alleged fraudulent appropriation of assets on the local bourse.
The Ministry of Public Security’s Police Investigation Agency (C01) announced Thursday a decision to investigate "the act of cheating to appropriate assets" by Quyet and his two sisters Trinh Thi Thuy Nga and Trinh Thi Minh Hue under Article 174 of the Penal Code.
The agency also decided to prosecute the trio and Huong Tran Kieu Dung, former acting vice chairman of FLC Group, on the same charges. The four are suspected to have artificially raised the chartered capital of Faros Construction JSC, a subsidiary of property developer FLC Group, and related companies.
The investigative agency alleges 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 VND4,300 billion ($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 VND6,412 billion ($273.7 million) from the sale by February 24, 2021.
Previously, on March 29, Quyet was arrested on charges of “manipulating” and “concealing information in securities activities”. C01 found that his act caused serious damages to investors, affecting the operation of Vietnam’s stock market.
On January 10, Quyet was discovered to have sold 74.8 million FLC shares without informing the market in advance as required by the law, given his position as the company’s chairman.
The Ho Chi Minh City Stock Exchange (HoSE) on January 11 issued a notice to cancel this transaction, and on January 12 many investors were refunded the money they spent to buy the shares.
Lieutenant General To An Xo, chief of staff and spokesman of the Ministry of Public Security, told a government meeting on June 4 that from September 1, 2018 to January 10, 2019, Quyet directed Trinh Minh Hue to borrow 26 identity cards from individuals, establishing 20 companies and opening 450 trading accounts at 41 securities firms to manipulate the price of six stocks,
“This has taken a particularly large toll on investors. The ministry’s investigative agency has received 557 applications from investors accusing Quyet and his accomplices of manipulating the stock market,” Xo said.
Before Quyet was arrested, FLC Group had been known as one of Vietnam's leading property developers with many projects or investment proposals across the country.
- Read More
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
Envision Energy to build $420 mln wind power plant in Vietnam from June 2025
Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025.
Energy - Fri, November 1, 2024 | 8:30 pm GMT+7
Indonesia to ban plastic waste imports from 2025
The Indonesian government will start imposing a ban on the import of plastic waste from the beginning of next year, according to Minister of Environment Hanif Faisol Nurrofiq.
Southeast Asia - Fri, November 1, 2024 | 8:29 pm GMT+7
Islamic economy makes up 48% of Indonesia’s GDP
The contribution of Islamic business activities to Indonesia’s GDP has been estimated at 48%, local authorities reported at the 11th Indonesia Sharia Economic Festival (ISEF).
Southeast Asia - Fri, November 1, 2024 | 8:28 pm GMT+7