FLC Chairman Trinh Van Quyet was temporarily suspended from exiting for a month, stocks fell to the floor

Previously, in January 2022, the act of "underselling" shares of the chairman of FLC Group once caused a stir in public opinion and rattled the stock market.

Last night (March 27) and this morning, on some websites, forums spread information that the president of FLC was arrested and detained. However, through verification, Mr. Quyet was not detained, rumors related to FLC president being detained and prosecuted are false rumors.

So far, the investigating agency has not made any decision on proceedings related to Mr. Trinh Van Quyet. On March 28, the Investigation Agency of the Ministry of Public Security issued a decision to suspend the exit of Mr. Trinh Van Quyet, chairman of the board of directors of FLC Group Joint Stock Company.

The investigation agency issued the above decision from March 26, the time limit for the suspension of exit for Mr. Trinh Van Quyet is one month. Authorities also invited Mr. Quyet to work to verify some contents.

Previously, in January 2022, the act of "underselling" shares of the chairman of FLC Group once caused a stir in public opinion and rattled the stock market. Specifically, after many days of FLC shares being "beaten up" at a very high price, on January 10, the chairman of the board of directors of FLC Group Joint Stock Company sold 74.8 million FLC shares but did not sell FLC shares. reporting, not disclosing information before making transactions.

Notably, in just one trading session, nearly 135 million FLC shares were matched, unusually high. While for a long time, FLC stock only trades with an average volume of 15-40 million shares per day. Also in this session, many new investors just "raced orders" to buy FLC shares at the ceiling price in the morning, and fell to the floor in the afternoon.

After the incident of the head of FLC Group "underselling" shares, the stock market wobbled, investors continuously sold off FLC shares and shares related to Mr. Quyet, and dozens of stocks. Other votes are also subject to fraud. Immediately after that, the State Securities Commission made a decision to block the securities account of Mr. Trinh Van Quyet, in order to prevent and prevent further acts that are not in accordance with regulations.

The State Securities Commission also issued a document directing the Ho Chi Minh City Stock Exchange (HoSE) to cancel the transaction of selling 74.8 million FLC shares on January 10 by Mr. Trinh Van Quyet, many investors were purchase refund.

On January 18, the State Securities Commission issued a decision to administratively sanction Mr. Trinh Van Quyet 1.5 billion VND, the highest level according to regulations. The chairman of FLC Group was also subject to the additional sanction of suspending securities trading activities for 5 months.

Before the "undercover sale", Mr. Trinh Van Quyet was the largest shareholder owning 215.4 million FLC shares, equivalent to 30.34% of the group's capital. After canceling the transaction, Mr. Quyet's ownership ratio in FLC remained unchanged.

However, this incident also caused some psychological impact on securities investors, leading to "FLC" stocks that were sold by many investors, dropped in price, and lost liquidity. This is the second time that the president of FLC has received a fine from the State Securities Commission.

Previously, in November 2017, Mr. Quyet was fined 65 million VND for selling 57 million FLC shares but did not report to the market regulator. Also in 2017, FLC Faros Construction Joint Stock Company (ROS), chaired by Mr. Trinh Van Quyet, was also fined for illegally selling more than 13.69 million AMD shares (AMD Group Minerals and Investment JSC).

At that time, if ROS bought back AMD shares, it could collect more than 136 billion dong, but the penalty was only 130 million dong. Currently, financial analysts predict that there will be another fierce wave of the Vietnamese stock market in general and the "FLC family" stocks in particular.

Although FLC has not yet commented on this issue, however, FLC's stocks fell to the floor daily in today's trading session. This morning, a series of stocks of FLC "family" businesses include FLC, FLC Faros (ROS), FLC Stone Investment and Minerals (AMD), BOS Securities (ART), Trade Investment and CFS Import and Export (KLF), HAI (HAI) Agro-pharmaceutical stocks,... all sold out and fell to the floor, with no buyers.

Who is Trinh Van Quyet - the No. 1 billionaire on the stock exchange who was "whispered" twice for "underselling" stocks? Hoàng Phúc06:55:11 14/01/2022Born in poverty, but Mr. Trinh Van Quyet has risen to become a billionaire, at one point, he was the richest man on the Vietnamese stock exchange. Chairman of FLC Group - Mr. Trinh Van Quyet is still known as a successful businessman, a famous billionaire in the real estate...