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Vietnamese police have arrested Trinh Van Quyet, chairman of the property and leisure conglomerate FLC Group and its subsidiary Bamboo Airways (QH, Hanoi), on suspicions of inventory market manipulation and concealing info on share transactions. The transfer follows his detention a number of days in the past.
The nation’s Ministry of Public Safety broke the information on March 29, issuing an announcement saying that its Investigative Police Company “is conducting an investigation and verification” in opposition to the chairman for the alleged “acts of manipulating the inventory market and concealing info in securities actions on January 10, 2022, inflicting critical harm to the corporate and buyers, affecting the operation of Vietnam’s inventory market.”
Trinh has already been fined VND1.5 billion dong (USD65,800) and suspended from inventory buying and selling for 5 months for these secretive transactions in January. In line with the ministry, he bought 74.8 million FLC Group shares on that date with out notifying market authorities as required.
Together with the selections to subject an arrest warrant and prosecute the accused, the Investigative Police Company has begun a search of residences and workplaces at 21 places, the ministry added.
FLC mentioned in a letter to “shareholders, companions, and clients” posted on its web site on the night of March 29 that its chairman was cooperating with investigators on this preliminary part of the probe and that no conclusions had but been reached.
“The case is said to Mr Trinh Van Quyet personally conducting securities buying and selling transactions just lately,” the letter mentioned. “For readability, FLC Group is just not an entity concerned and/or has actions associated to this case. Accordingly, the incident has no have an effect on on any orientations of FLC in manufacturing, funding, enterprise actions or sustainable growth.
In a separate assertion issued on the morning of March 30, Bamboo Airways likewise burdened it was not concerned within the case and that operations would proceed as regular. It added that Trinh had authorised Vu Dang Hai Yen, deputy common director of FLC Group, to take over all the chairman’s duties associated to each FLC and Bamboo Airways. A lawyer by commerce, she was appointed deputy chief of FLC in March 2017.
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