The Investigation Agency of the Ministry of Public Security (C01) issued a supplementary investigation conclusion on the Stock Market Manipulation and Fraudulent Misappropriation of Assets case involving FLC Group Chairman Trinh Van Quyet on February 24. It determined the use of misappropriated funds and illicit gains from the crimes of asset misappropriation and securities market manipulation to recover assets, verify and seize assets, and freeze accounts of the suspects to ensure the enforcement of the judgement.
Suspect Trinh Van Quyet
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According to the investigation’s conclusion on the amount of illicit gains from the “Securities Market Manipulation” crime, Trinh Van Quyet and his accomplices used over 122 billion VND to purchase shares of 3 FLC ecosystem companies (nearly 84 billion VND to acquire stake in Vietnam Travel Airlines Corporation (BAV), over 29 billion VND in Newland Holdings to purchase stake in FLC Travel Corporation, over 9 billion VND in HAI Agricultural Corporation (UPCoM: HAI) to purchase stake in the company);
Transferred nearly 36.7 billion VND into the accounts of Quyet’s wife (Le Thi Ngoc Diep) and over 771 million VND into the account of Quyet’s sister (Trinh Thi Minh Hue) for personal use;
Transferred 73.7 billion VND into Tong Xuan Vuong’s account to repay Quyet’s debt;
Settled nearly 7.8 billion VND for the repair of the BT30 villa in My Dinh urban area under the names of Quyet and Diep;
The remaining amount of nearly 483 billion VND was kept in securities accounts managed by Hue, used for securities trading (including over 38 billion VND in Quyet’s securities account).
Regarding the use of misappropriated funds from the “Fraudulent Misappropriation of Assets” crime, the investigative agency established a basis for determining the amount from the initial sale of ROS shares (F0) after withdrawal from the bank account.
In which, over 118 billion VND was contributed to the account of FLC Group and its 5 subsidiary and affiliate companies (CFS Company 50 billion, FLC Group nearly 76 billion, FLC Resort Company 50 billion, Star Real Estate Company 3.5 billion, Ion Complex Company 1.4 billion, FLC Land Company 200 million VND).
In addition, 436.4 billion VND was contributed to the bank account of individuals for payment and debt repayment (Tong Xuan Vuong over 196 billion, Nguyen Thi Xuan Hoa 195 billion, Le Thi Ngoc Diep nearly 20 billion, Trinh Van Quyet 5 billion, Nguyen Bang Thuong nearly 8 billion, Huong Tran Kieu Dung 3 billion, Dang Quy Thiet 800 million, Ngo The Bang 600 million, Le Thu Hien 250 million…);
Contributed over 380 billion VND to bank accounts and securities accounts managed by individuals and legal entities under Trinh Thi Minh Hue, used for continued securities trading;
Withdrawn nearly 44.8 billion VND in cash for personal expenses;
The remaining amount of nearly 2.6 billion VND was withdrawn in cash along with the proceeds from the sale of ROS shares to the group of securities accounts managed by Trinh Thi Minh Hue, used for business activities of FLC Group and its subsidiary and affiliate companies, part of which was contributed to securities and bank accounts managed by individuals and legal entities under Trinh Thi Minh Hue for securities trading, and part was used for other personal payments.
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