Police request freezing former FLC chairman’s assets
Trinh Van Quyet, former Chairman of FLC. Photo courtesy of the group.
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.
Huong Tran Kieu Dung, Vice Chairman of FLC. Photo courtesy of the group.
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.
- Related News
- Read More
Singapore firm to invest in $19.7 mln garment factory in central Vietnam
Singaporean-based HGQ ASIA Pte., Ltd will pour nearly VND500 billion ($19.7 million) into building a garment factory in the south-central province of Binh Dinh.
Industries - Mon, November 18, 2024 | 2:23 pm GMT+7
IP developer KBC to raise $236 mln to restructure debts, augment capital
Kinhbac City Development Holding Corporation (KBC), a leading industrial real estate developer in Vietnam, will offer 250 million shares to 11 investors for more than $6,000 trillion ($236.4 million) to restructure its debts.
Companies - Mon, November 18, 2024 | 2:17 pm GMT+7
Vietnam's chemical giant Vinachem targets $500 mln trade turnover with Brazil in 2030
Vietnam’s state-run chemical group Vinachem and Brazil’s major trading firm Oceanside One Trading LLC say they will strive to boost their bilateral trade to $500 million in 2030.
Companies - Mon, November 18, 2024 | 12:32 pm GMT+7
Vietnam may welcome more FDI from US allies in Trump 2.0: broker
More companies from U.S. allies and elsewhere may move more production facilities to Vietnam in the second term of Donald Trump as U.S. President, given the expected intensification of U.S-China trade tension, according to KB Securities Vietnam (KBSV).
Economy - Mon, November 18, 2024 | 12:19 pm GMT+7
Vietnam PM asks Brazil's aerospace giant Embraer to help with air logistics development
Vietnam seeks to build an air logistics center and plans to collaborate with Brazil’s aerospace giant Embraer for the task, says Prime Minister Pham Minh Chinh.
Companies - Mon, November 18, 2024 | 10:45 am GMT+7
Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss
Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.
Finance - Mon, November 18, 2024 | 10:19 am GMT+7
Vietnam's opportunity in a shifting global EVs market
The global electric vehicle boom presents numerous opportunities for Vietnam's economy, supported by leading technology suppliers like Bühler Group.
Companies - Mon, November 18, 2024 | 10:00 am GMT+7
Vietnam, Brazil elevate bilateral ties to strategic partnership
Vietnam and Brazil issued a joint statement on elevating their bilateral relations to a Strategic Partnership in Rio de Janeiro on Sunday (local time) on the occasion of Prime Minister Pham Minh Chinh’s ongoing trip to the Latin American nation to attend the G20 Summit and join bilateral activities.
Politics - Mon, November 18, 2024 | 8:11 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Companies - Mon, November 18, 2024 | 7:52 am GMT+7
State-owned housing developer HUD has new chairman
Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).
Companies - Sun, November 17, 2024 | 9:34 pm GMT+7
Vietnam private lender LPBank reports $394 mln profit in 10 months
Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.
Banking - Sun, November 17, 2024 | 3:30 pm GMT+7
Vietnam stock market unlikely to experience further steep declines in next sessions: experts
The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.
Finance - Sun, November 17, 2024 | 1:30 pm GMT+7
Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam
Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.
Industries - Sun, November 17, 2024 | 10:00 am GMT+7
Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan
Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.
Companies - Sun, November 17, 2024 | 9:00 am GMT+7
Vietnam pledges to make more contributions to APEC cooperation
APEC leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.
Politics - Sun, November 17, 2024 | 8:05 am GMT+7
Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026
Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.
Energy - Sun, November 17, 2024 | 8:00 am GMT+7
