According to the decision of the Hanoi People’s Court, the former Chairman of the FLC Group and 49 other defendants will appear in court on July 22 for their criminal offenses.
In relation to the case, more than 200 people assisted Mr. Trinh Van Quyet in committing crimes but were not prosecuted. They include Mr. Quyet’s brother-in-law, relatives, acquaintances, and family members, as well as representatives of the law, employees of the FLC Group’s ecosystem, and related companies.
According to the investigation, BOS Securities Joint Stock Company (BOS Securities), formerly known as FLC Securities Joint Stock Company, was established in 2008 with a registered capital of VND 135 billion. Mr. Trinh Van Quyet was one of the five founding shareholders. In 2014, it changed its name to Artex Securities Company, and in 2019, it became BOS Securities Joint Stock Company.
The members of the BOS Board of Directors included: Mr. Le Ba Nguyen (Mr. Quyet’s brother-in-law), as well as other members such as Chu Tien Vuong, Nguyen Quynh Nga, and Tong Hai Ninh.
Mr. Trinh Van Quyet. Photo: Hoang Ha |
According to the supplementary investigation conclusions, the three individuals, Le Ba Nguyen, Nguyen Quynh Nga, and Tong Hai Ninh, did not contribute capital but were represented by Mr. Quyet’s sister, Ms. Trinh Thi Thuy Nga, who was a member of the BOS Board of Directors.
Although he did not attend the Board of Directors meeting, Mr. Nguyen still signed the minutes of the 01/2020/BBH-HĐQT-BOS meeting on January 20, 2020, and the minutes of the 10/2020/BBH-HĐQT-BOS meeting on April 28, 2020, as a basis for Ms. Huong Tran Kieu Dung (Chairwoman of the BOS Board of Directors) to sign and issue Resolutions 01 and 10 on authorizing Ms. Trinh Thi Thuy Nga to directly instruct the issuance of fake purchase limits for the securities accounts of Mr. Quyet’s sister, Trinh Thi Minh Hue.
However, at the time of signing these minutes, the three individuals were not provided with reports 01/2020/BC-TGĐ and 02/2020/BC-TGĐ from Ms. Nguyen Quynh Anh (General Director of BOS Securities) and other members of the Board of Directors, so they did not fully understand the nature and purpose of these documents.
The investigation has not yet proven that Mr./Ms. Le Ba Nguyen, Tong Hai Ninh, and Nguyen Quynh Nga were aware of and consented to the issuance of fake limits by Ms. Trinh Thi Thuy Nga to Ms. Hue’s accounts for stock manipulation purposes.
At the Investigation Agency, Mr./Ms. Nguyen, Nga, and Ninh admitted to the above and stated that they were not consulted or informed about Ms. Quynh Anh and the other defendants’ actions in issuing fake limits to accounts with insufficient funds for Ms. Hue’s stock manipulation.
The Investigation Agency concluded that the actions of Mr./Ms. Le Ba Nguyen, Tong Hai Ninh, and Nguyen Quynh Nga did not meet the elements of a criminal offense. Although they signed the meeting minutes, Ms. Nga and Ms. Ninh were not directly involved in the management and operations of BOS Securities, so they were unaware of the issuance of fake limits to Ms. Hue’s accounts for stock manipulation.
When signing the minutes, these three individuals did not receive any reports from Ms. Quynh Anh, nor were they informed or consulted by the Board of Directors, the Board of Management, or the staff of BOS Securities, so they did not fully understand the nature and purpose of these documents.
According to the Supreme People’s Procuracy, the individuals Le Ba Nguyen, Nguyen Quynh Nga, and Tong Hai Ninh, as members of the BOS Board of Directors, allowed Trinh Thi Thuy Nga to provide unsecured securities purchases to customers, which aided Mr. Trinh Van Quyet and Trinh Thi Minh Hue in manipulating the securities market and profiting illegally. This bears the hallmark of the crime of securities market manipulation under Article 221 of the Penal Code.
However, considering the nature and extent of their actions, the Procuracy decided not to pursue criminal charges but recommended strict administrative penalties.
Relatives and family members of Mr. Trinh Van Quyet aided in securities market manipulation
The investigation also revealed that a group of 23 individuals who were employees of FLC-affiliated companies and relatives and family members of Mr. Quyet assisted Trinh Thi Minh Hue in manipulating the securities market.
These individuals lent their IDs and personal documents to Ms. Hue, who then used them to open securities and bank accounts, which she utilized to manipulate the securities market and help Mr. Trinh Van Quyet profit illegally. Their actions bear the hallmark of complicity in the crime of securities market manipulation.
However, considering the nature and extent of their involvement and the fact that they did not benefit from the crimes, the Investigation Agency decided not to pursue criminal charges against them.
A separate group of 188 individuals were implicated in the offense of fraud. They include representatives, employees of the FLC ecosystem and related companies, as well as acquaintances of Trinh Van Quyet, Trinh Thi Minh Hue, and Trinh Thi Thuy Nga. These individuals signed documents to help Ms. Hue create a money flow, inflate capital contributions at Faros, and complete the listing of ROS shares on the stock exchange, bearing the hallmark of complicity in the crime of fraud.
However, considering the nature and extent of their involvement and the fact that they did not benefit from the crimes, the Investigation Agency decided not to pursue criminal charges against them.
T.Nhung
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