Real estate major FLC chairman suspended from country exit

Trinh Van Quyet, chairman of FLC Group, one of Vietnam’s leading real estate developers, was suspended from leaving the country for a month, an indication that he is under investigation.

Quyet was also required to come to the Ministry of Public Security’s investigative agency for verifying some contents.

The agency issued the exit suspension decision on Saturday, but the news only got onto the mainstream press at around Monday noon.

On Monday, a series of stocks from the “FLC family” fell to the floor and tens of millions of units unsold. The market movements were derived from earlier rumors spreading on social network related to Quyet and the later official news release.

The stock market regulator State Securities Commission (SSC) recently levied a nearly VND500 million ($22,000) fine on FLC Group for failing to abide by regulations on information disclosures from 2018-2021 and for its lack of board members as required by the law.

Previously, the SSC fined Trinh Van Quyet VND1.5 billion (nearly $66,000) for selling 74.8 million FLC shares on January 10 without informing the market in advance as required by the law, given his position as the firm’s chairman. At the same time, the SSC froze Quyet's securities trading account for five months.

Right after that, FLCHomes was fined by the SSC for disclosing false information, which is different from the audited 2019 consolidated and non-consolidated financial statements, and for untimely information disclosure.

Quyet was born in 1975 in Vinh Phuc province, northern Vietnam. In addition to being FLC Group chairman, Quyet and FLC are the owners of Bamboo Airways, with an over 80% stake.