At the headquarters of FLC Group. (Photo: VNA)

Hanoi - The Ministry of Public Security has decided to launch criminal proceedings against and detain Trinh Thi Minh Hue, a member of FLC Group JSC's accounting department, for assisting Trinh Van Quyet, former Chairman of the company, on the charge of stock market manipulation.

Chief of the Office and Spokesperson of the ministry Lieut. Gen. To An Xo said on April 4 that the Supreme People's Procuracy has approved the decisions and procedural orders in accordance with the law.

On March 29, the Investigation Police Agency decided to launch criminal proceedings against and detain Quyet in service of the investigation on the charge of stock market manipulation.

On January 10, Quyet sold 74.8 million FLC shares without any reports and notifications in advance as stipulated in regulations, triggering public concern and pushing the stock market into chaos.

The State Securities Commission of Vietnam (SSC) immediately decided to block Quyet’s securities accounts to prevent him from committing other illegal acts.

The SSC also asked the Ho Chi Minh City Stock Exchange (HoSE) to cancel the transactions of the 74.8 million FLC shares. Many investors were refunded.

On January 18, it issued another decision under which Quyet was fined 1.5 billion VND (65,600 USD), the heaviest penalty in line with regulations, and banned him from stock trading activities for five months.

It was the second time that Quyet was fined by the SSC for the same offence. In 2017, he was fined 65 million VND for selling 57 million FLC shares without proper notice.