Police request freezing former FLC chairman’s assets
The Ministry of Public Security has requested localities to freeze assets and shares owned by former FLC Chairman Trinh Van Quyet who was recently arrested for alleged stock market manipulation.
The request was mentioned in documents that the ministry's investigative agency sent to the chairpeople of some cities and provinces, asking them to collaborate in investigating the market manipulation scam at FLC Group, BOS Securities JSC and related firms.
The agency (C01) asked the localities to suspend any transfer, purchase, sale, donation, and mortgage of assets and shares owned by Quyet, his wife Le Thi Ngoc Diep, as well as his two younger sisters Trinh Thuy Nga and Trinh Thi Minh Hue, who were recently detained for investigation.
C01 last week requested eight banks to provide Quyet’s and related people’s account opening documents, payment account information, savings accounts, loans and transaction reports.
On March 29, C01 arrested Quyet for stock market manipulation. Nga, Deputy CEO of BOS Securities JSC, and Hue, an accountant of FLC Group, were detained several days later. This was followed last week by detainments of FLC Deputy Chairwoman Huong Tran Kieu Dung and CEO of BOS Securities Nguyen Quynh Anh.
From December 1, 2021 to January 10, Quyet directed some executives of BOS Securities, FLC’s subsidiaries and other related companies, to use 20 securities accounts from 11 organizations to conduct constant stock transactions, thereby creating fake supply and demand, according to the investigative agency.
On January 10, Quyet was discovered to have sold 74.8 million FLC shares at VND22,586 per share, without informing the market in advance as required by the law, given his being the group’s chairman.
After these transactions, Quyet earned VND1,689 billion, illegally pocketing more than VND530 billion (over $23 million), the authorities reported.
The stock market regulator, State Securities Commission, immediately blocked Quyet’s securities accounts. The SCC on January 17 fined Quyet VND1.5 billion (nearly $66,000) for his act and froze his securities trading accounts for five months. In November 2017, Quyet was fined $2,800 for selling 57 million shares without notifying the market regulator.
Quyet, 47, is the biggest shareholder in FLC Group, holding a more than 30% stake. Quyet and FLC are the owners of Bamboo Airways, with an 80% stake.
- Read More
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
Restructured construction giant Tracodi gets set to execute ambitious plans
After changing its name and restructuring as a group, Tracodi Construction Holdings JSC (HoSE: TCD), a member of Bamboo Capital Group (HoSE: BCG), has completed a leadership shake-up and is poised to achieve rapid growth.
Bamboo Capital - Fri, November 1, 2024 | 4:43 pm GMT+7
Philippines requests companies to pay for plastic waste treatment
The Philippines expects its "Extended Producer Responsibility" (EPR) that came into force last year will help it curb plastic waste
Southeast Asia - Fri, November 1, 2024 | 4:30 pm GMT+7
Indonesia warns of rising online terrorism
Indonesia's National Counter-Terrorism Agency (BNPT) has warned of a shift in terrorism tactics, moving from public attacks to online platforms that target vulnerable groups, particularly women and children.
Southeast Asia - Fri, November 1, 2024 | 4:29 pm GMT+7
Singapore establishes global fintech network
The Monetary Authority of Singapore (MAS) on Wednesday announced that it has established a “Global Finance & Technology Network” (GFTN) to propel Singapore’s reputation as a premier global fintech hub into its next phase and enhance global connectivity.
Southeast Asia - Fri, November 1, 2024 | 4:28 pm GMT+7
Nokia, Viettel deploy 1.2 Tb/s optics transmission in Vietnam, to help 5G growth
Finnish giant Nokia and Vietnamese telco Viettel have rolled out high-capacity optical network after achieving an optics transmission speed record of 1.2Tb a second per wavelength in Vietnam.
Companies - Fri, November 1, 2024 | 3:40 pm GMT+7
Korea SK Group sells 76 mln shares of Vietnam’s Masan, no longer major shareholder
South Korea’s chaebol SK Group has sold 76.28 million shares of Vietnam’s conglomerate Masan, lowering its ownership in Masan to 3.67% of the charter capital and 3.86% of the voting shares.
Companies - Fri, November 1, 2024 | 3:16 pm GMT+7
HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months
BCG Energy JSC, a subsidiary of Vietnamese private conglomerate Bamboo Capital Group, posted a consolidated after-tax profit of VND504 billion ($19.94 million) in the first nine months of 2024, fulfilling 98% of the year's profit target.
Bamboo Capital - Fri, November 1, 2024 | 2:32 pm GMT+7