The agency also issued supplementary conclusions regarding investigation into the offenses of "Stock market manipulation," "Fraudulent appropriation of property," "Abuse of power or position while performing official duties," and "Intentional dissemination of false information or concealment of information in securities activities" in the case.
These offenses occurred at FLC Group, BOS Securities Joint Stock Company, Faros Construction Joint Stock Company, related companies within the ecosystem of the FLC Group, the Ho Chi Minh Stock Exchange, the Supervision Department of Public Companies under the State Securities Commission, and the Vietnam Securities Depository. The acts were committed by Trinh Van Quyet, former Chairman of the Board of Directors of FLC Group, accomplices, and individuals from State management agencies in the securities sector.
Regarding the act of "Stock market manipulation", the investigation agency concluded that from May 26, 2017 to January 10, 2022, Quyet directed Trinh Thi Minh Hue (Quyet's younger sister) and accomplices to use the identities of employees, relatives, and acquaintances to establish companies and open securities accounts and bank accounts.
Hue used these accounts to manage and conduct market manipulation activities involving five stocks, namely AMD, HAI, GAB, FLC, and ART. Following Quyet's instructions, Hue sold shares on the market for illicit gains totaling over 723 billion VND (29.3 million USD) when the stock prices increased.
For the act of "Fraudulent appropriation of property," the investigative agency determined that from 2014 to September 2016, Quyet directed individuals who were leaders or employees of Faros company, as well as companies within the FLC Group, and relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's charter capital from 1.5 billion VND to 4.3 trillion VND.
They created documents and requested State management agencies in the securities sector to approve the registration of the company as a public company, the registration of securities depository, and the listing of 430 million shares formed from the falsified capital contribution of Faros on the Ho Chi Minh Stock Exchange.
After Faros's shares were listed on the stock exchange, from September 2016 to March 2022 (the time of indictment and detention), Quyet and his accomplices sold over 391 million shares formed from the falsified capital contribution held in Faros Company, resulting in proceeds of 4.8 trillion VND, of which over 3.6 trillion VND was misappropriated from investors in the stock market.
Regarding the offenses of "Abuse of power or position while performing official duties" and "Intentional dissemination of false information or concealment of information in securities activities", the investigation agency probed and clarified the wrongdoings of individuals working in State management agencies authorised to approve the registration of public companies, securities depository, and stock listing.
To date, the Investigation Police Agency has launched a criminal case and legal proceedings against 51 defendants, with 21 charged with "Stock market manipulation"; 31 with "Fraudulent appropriation of property"; and four from the Ho Chi Minh Stock Exchange with " Abuse of power or position while performing official duties".
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