In a recent development, the Office of the Investigative Police Agency (C01) of the Ministry of Public Security in Vietnam announced on June 23 that it has initiated criminal proceedings against 15 individuals, prohibiting them from leaving their place of residence and executing search warrants.

The charges are related to the case involving Trinh Van Quyet, former chairman of the Board of Directors of FLC Group, and his accomplices for their alleged involvement in market manipulation at BOS Securities JSC, FLC Group, and affiliated companies.

The individuals under investigation include executives and employees of FLC Group, BOS Securities JSC, as well as several subsidiary companies of FLC Group.

According to the Ministry of Public Security, among the individuals involved, many are close acquaintances and relatives of Trinh Van Quyet, who allegedly assisted him in illicitly gaining profits amounting to over VND667 billion Vietnamese.

Before this, Quyet and accomplices were arrested and detained on charges of market manipulation and fraudulent appropriation of assets.

On the same day, the State Securities Commission of Vietnam (SSC) announced that it had received a notification from the investigative security agency and the Hanoi Police Department regarding the initiation of criminal proceedings in a case of market manipulation at Asia-Pacific Securities JSC, Asia-Pacific Investment JSC, and IDJ Vietnam Investment JSC.

The SSC has requested the three companies to comply with reporting regulations and provide information as required by law. It will continue to closely cooperate with relevant authorities throughout the investigation and legal process.

Asia-Pacific Investment JSC, Asia-Pacific Securities JSC, and IDJ Vietnam Investment JSC are currently listed on the Hanoi Stock Exchange.

The recent developments indicate the Vietnamese authorities' commitment to combating market manipulation and fraudulent activities, thereby safeguarding the integrity and stability of the country's securities market.

The ongoing investigations and legal proceedings highlight the importance of regulatory vigilance and enforcement in ensuring fair and transparent trading practices. Investors and market participants should closely monitor the situation and comply with regulatory requirements to maintain confidence in Vietnam's stock market.