Mr. Trinh Van Quyet was detained, authorized Ms. Vu Dang Hai Yen to run FLC Group

FLC Group has announced regarding Mr. Trinh Van Quyet's prosecution and detention.

On March 29, the Ministry of Public Security issued a decision to prosecute the accused and arrest Mr. Trinh Van Quyet, Chairman of the Board of Directors of FLC Group Joint Stock Company for the act of "manipulating the stock market". prescribed in Article 211 of the Penal Code.

The Investigative Police Agency of the Ministry of Public Security has issued the Decision to prosecute the criminal case No. 06/QD-VPCQCSĐT, the Decisions to prosecute the accused, the arrest warrant for Mr. Trinh Van Quyet. At the same time, organizing search of residences and workplaces at 21 locations for related subjects.

On the evening of March 29, FLC Group Joint Stock Company (FLC Group) issued a statement after Mr. Trinh Van Quyet, Chairman of the Group was prosecuted and detained.

According to FLC, the case is related to Mr. Trinh Van Quyet personally conducting securities trading transactions recently and is still in the process of initial investigation, with no official conclusion. Mr. Trinh Van Quyet has been and continues to coordinate with relevant authorities in the process of investigating and clarifying related issues.

For clarity, FLC Group is not an entity involved and/or has activities related to this case. Accordingly, the incident completely does not affect or change the important orientations of FLC in production, investment, business activities as well as sustainable development in the coming time.

At the same time, it also does not affect the legitimate rights and interests of customers, shareholders as well as partners having transactions and cooperation with the Group.

Immediately after receiving the information, in order to limit any risks that may arise and ensure the regular operation of the Group, Mr. Trinh Van Quyet authorized Ms. Vu Dang Hai Yen, Deputy General Director of the Group. FLC team.

Accordingly, Ms. Vu Dang Hai Yen will represent and represent Mr. Trinh Van Quyet to perform the duties and rights of the Chairman of the Board of Directors of FLC Group Joint Stock Company - Chairman of the Board of Directors of Tre Viet Aviation Joint Stock Company; as well as all shareholder rights in the two enterprises mentioned above in accordance with the law and the company's charter.

At the same time, Mr. Trinh Van Quyet also authorized Ms. Vu Dang Hai Yen to have all rights related to the properties and property rights owned by Mr. Trinh Van Quyet.

In addition to this decision, the Board of Directors of FLC also met and quickly came up with measures and plans to ensure that FLC's business activities take place stably in the new situation, in accordance with the objectives and plans. set by the Board of Directors and the Board of Directors.

Quyet's scandal related to securities has occurred since November 2017 when he sold 57 million shares but did not report transaction information to the Securities Commission and the Ho Chi Minh City Stock Exchange. Mr. Quyet's transaction was made when one FLC stock was at the threshold of VND 7,100-7,700, with an estimated transaction value of more than VND 400 billion.

For this behavior, Mr. Quyet was administratively sanctioned by the State Securities Commission of VND 65 million. The "F" stocks then made investors wobble many times.

5 years later, chi

On January 10, Mr. Quyet was found to have sold 74.8 million FLC shares but did not disclose the information before. The Ho Chi Minh City Stock Exchange (HoSE) on January 11 issued a notice to cancel this transaction - an unprecedented measure on the Vietnamese stock market.

On January 17, Mr. Quyet was fined VND 1.5 billion by the State Securities Commission, the highest level according to current regulations on securities, and suspended trading for 5 months.

According to lawyer Dang Van Cuong, "stock market manipulation" means using one or more trading accounts of one's own or another's or colluding with each other to continuously buy and sell securities in order to create supply, artificial demand; use methods or perform other trading behaviors to create artificial supply and demand, manipulate securities prices. When the violation is not serious enough to be criminally handled, the person who causes the incident will only be fined up to 1.5 billion VND as in the case of Mr. Quyet in January.

If it is the act of "hiding information in securities activities" as above, Mr. Quyet will only be administratively sanctioned. However, the case that has been administratively sanctioned for this act but still commits it will be prosecuted for penal liability for the crime of intentionally disclosing false information or concealing information in securities activities, according to Article 2 of this Law. 209 Penal Code.

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