Investors demand compensation for losses in 6 securities codes
In the supplementary investigation conclusion, the Ministry of Public Security’s Investigative Police Agency stated that there were 685 investor complaints accusing the “Market manipulation” activities of Mr. Trinh Van Quyet and his accomplices, and requested compensation for the losses caused by 6 securities codes in the FLC group.
Regarding these complaints, the Investigative Police Agency has classified them for resolution according to regulations.
Specifically, for investors who purchased shares of AMD, ART, HAI, GAB, FLC, the investigation agency stated that there is no basis to consider resolution as there is insufficient evidence to determine any losses suffered by the investors due to the “Market manipulation” activities of Trinh Van Quyet and his accomplices, according to the forensic appraisal conclusions dated October 23, 2023, by the Ministry of Finance.
For investors who purchased ROS shares, the investigation agency has classified, recorded testimonies, and determined that they were victims in the “Defraudation and misappropriation of assets” case.
Regarding 126 complaints from individuals accusing legal violations by FLC Group Corporation and FLC Quy Nhon Golf & Resort Joint Stock Company; Mr. Trinh Van Quyet, the former Chairman of FLC Group Corporation’s Board of Directors… The Ministry of Public Security’s Investigative Police Agency has classified and transferred them to the heads of the local investigatory agencies to handle according to their jurisdiction.
Mr. Trinh Van Quyet (Chairman of FLC Group Corporation).
In addition, there are 44 complaints from 33 individuals who signed contracts to purchase bonds issued by FLC Group Corporation in December 2021, with a price of 10,000 VND/bond, an interest rate of 12% per year. The investigation agency believes that this is a civil dispute case, and the parties are currently in the process of negotiation, if the parties do not reach an agreement, they will bring the case to court for resolution as prescribed.
Irregularities of 13 bank transaction officers
During the investigation, it was determined that from 2014 to 2016, Trinh Van Quyet instructed the defendant Trinh Thi Minh Hue to seek individuals who were leaders, employees of companies in the FLC system, and relatives to be named as shareholders, to sign pre-filled documents for Hue’s use in depositing money, transferring money, creating cash flow through legitimate capital contribution to Faros Construction Joint Stock Company.
According to the investigation agency, most of these individuals did not directly go to the bank to carry out procedures for depositing money, transferring money, withdrawing money, but 13 transaction officers, Control officers of a bank – Thanh Xuan Branch still agreed to perform the transactions of depositing money, transferring money, withdrawing money based on the pre-signed documents to help Hue create a legitimate cash flow for fictitious capital contribution, violating the regulations of this bank.
During the transactions, the accounts of these individuals had sufficient funds; the documents were complete in form, content, and had the signatures of the account holders; the transaction officers did not know the purpose of depositing money, withdrawing money, transferring money to raise fictitious capital, list, or misappropriate funds of the investors; they did not receive any benefits. Therefore, the investigation agency does not consider prosecuting these 13 transaction officers, control officers criminally, but recommends that the State Bank of Vietnam strictly consider handling the violations.
