Police proposes prosecution of 51 individuals in FLC stock manipulation case

HÀ NỘI — The Investigation Police Agency of the Ministry of Public Security has forwarded the file of the case of stock market manipulation related to the FLC Group JSC to the Supreme People's Procuracy, recommending the prosecution of 51 defendants 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 Hồ Chí Minh Stock Exchange, the Supervision Department of Public Companies under the State Securities Commission, and the Việt Nam Securities Depository. The acts were committed by Trịnh Văn Quyết, former Chairman of the Board of Directors of FLC Group, accomplices, and individuals from State management agencies in the securities sector. Huệ used these accounts to manage and conduct market manipulation activities involving five stocks, namely AMD, HAI, GAB, FLC, and ART. 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 Hồ Chí Minh Stock Exchange with " Abuse of power or position while performing official duties".