The most read Vietnamese newspaper
Edition: International | Vietnamese
© Copyright 1997 VnExpress.net. All rights reserved.
Investigators recommended that prosecutors charge Quyet's two sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue, along with former standing chairwoman of real estate group FLC Huong Tran Kieu Dung, with the same charges, according to a Ministry of Public Security announcement Saturday.
Nguyen Thien Phu, vice general director of FLC Faros, has also been accused of obtaining property by fraud. Fifteen others have been accused of stock market manipulation in the sprawling case. Many of them were FLC employees.
From May 26, 2017 to Jan. 10, 2022, Quyet instructed Nga and Hue, along with others, to use several stock market accounts to perform transactions and manipulate the market. The acts increased FLC’s share prices 64%, from VND15,500 to VND24,050 for each share.
On Jan. 10, 2022, Quyet gave orders to sell over 76.7 million FLC shares and order match 74.8 million shares, with an average price at VND22,586 for each share, without making any announcement. The total amount of money gained after the ordeal was VND1.689 trillion.
Authorities said Quyet and his accomplices’ manipulation scheme allowed them to illegally gain VND723 billion.
Police also accused Quyet and his accomplices of appropriating money from investors between 2014 and 2016 by conducting procedures to increase the company’s amount of charter capital.
During the time period, shareholders only contributed around VND1.2 trillion of charter capital into construction company Faros. However, Quyet and others forged documents to balloon the capital by over VND3.1 trillion. Faros then requested to register for a stock listing of 430 million ROS shares on the HCMC Stock Exchange and sold them to steal over VND3.6 trillion from investors.
