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The Ministry of Public Security on Saturday recommended that three officials of the Public Company Supervision Department, under the State Securities Commission of Vietnam, and of the Vietnam Securities Depository, be charged with intentionally publishing false information or concealing information in securities activities.
It also recommended that four officials from the Ho Chi Minh Stock Exchange be charged with abuse of power while performing official duties.
The police have yet to reveal how these officials allegedly helped Quyet manipulate the stock market.
These are only the latest developments in the two month extended investigation into the now-infamous accusations against Quyet. So far the ministry has recommended charging 51 people with several crimes in the case.
The police said that between May 2017 and January 2022, Quyet directed his two sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue, and other people, to use different trading accounts to manipulate several tickers.
Over the period, Quyet and his accomplices manipulated trading to create a fake demand for the shares of five companies in 562 sessions.
The tickers that were manipulated included AMD of FLC Stone Mining and Investment, HAI of HAI Agrochem, GAB of FLC Mining Investment & Asset Management, ART of BOS Securities, and FLC of property developer FLC.
On Jan. 10, 2022, Quyet ordered his sisters to sell 74.8 million shares to gain VND1.6 trillion ($64.94 million). FLC price then dropped 12.9% that day.
Police also accused Quyet and his accomplices of appropriating money from investors between 2014 and 2016 by conducting procedures to increase FLC Faros’ charter capital from VND1.5 billion to VND4.3 trillion.
Faros then requested the registration of a stock listing of 430 million ROS shares on the Ho Chi Minh City Stock Exchange in order to sell them and pocket over VND3.6 trillion from investors.
