Police searching FLC Group headquarters (Photo: VNA) The eight banks are the Joint Stock Commercial Bank forForeign Trade of Vietnam (Vietcombank), Vietnam Technological and CommercialJoint Stock Bank (Techcombank), Saigon Thuong Tin Commercial Joint Stock Bank(Sacombank), Vietnam Prosperity Joint Stock Commercial Bank (VPbank), Bank forInvestment and Development of Vietnam (BIDV), Vietnam International CommercialJoint Stock Bank (VIB), Saigon - Hanoi Commercial Joint Stock Bank (SHB), andNational Citizen Commercial Joint Stock Bank (NCB).
The banks are requested to cooperate in providingaccount registration documents, account statements, savings accounts, loans andtransaction documents of Trinh Van Quyet and his two younger sisters - Trinh Thi Thuy Nga and Trinh Thi Minh Hue.
On March 29, the Investigation Police Agencylaunched criminal proceedings against and arrested Quyet for investigation of theact of stock market manipulation in the FLC Group, BOS Securities JSC andrelevant companies. Nga, Deputy CEO of BOS Securities JSC, and Hue, a member ofFLC Group JSC's accounting department, were arrested several days later.
On January 10, Quyet sold 74.8 million FLC shares withoutany reports and notifications in advance as stipulated in regulations, triggeringpublic concern and pushing the stock market into chaos.
The State Securities Commission of Vietnam (SSC) immediatelydecided to block Quyet’s securities accounts to prevent him from committingother illegal acts.
The SSC also asked the Ho Chi Minh City Stock Exchange(HoSE) to cancel the transactions of the 74.8 million FLC shares. Manyinvestors were refunded.
On January 18, it issued another decision under which Quyetwas fined 1.5 billion VND (65,600 USD), the heaviest penalty in line withregulations, and banned him from stock trading activities for five months.
It was the second time that Quyet was fined by the SSC forthe same offence. In 2017, he was fined 65 million VND for selling 57 millionFLC shares without proper notice./.
On March 29, the Investigation Police Agencylaunched criminal proceedings against and arrested Quyet for investigation of theact of stock market manipulation in the FLC Group, BOS Securities JSC andrelevant companies. Nga, Deputy CEO of BOS Securities JSC, and Hue, a member ofFLC Group JSC's accounting department, were arrested several days later.
On January 10, Quyet sold 74.8 million FLC shares withoutany reports and notifications in advance as stipulated in regulations, triggeringpublic concern and pushing the stock market into chaos.
The State Securities Commission of Vietnam (SSC) immediatelydecided to block Quyet’s securities accounts to prevent him from committingother illegal acts.
The SSC also asked the Ho Chi Minh City Stock Exchange(HoSE) to cancel the transactions of the 74.8 million FLC shares. Manyinvestors were refunded.
On January 18, it issued another decision under which Quyetwas fined 1.5 billion VND (65,600 USD), the heaviest penalty in line withregulations, and banned him from stock trading activities for five months.
It was the second time that Quyet was fined by the SSC forthe same offence. In 2017, he was fined 65 million VND for selling 57 millionFLC shares without proper notice./.
VNA
