SSC reassures investors following FLC chairman's arrest

March 30, 2022 | 12:08
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Following the prosecution of FLC Group's chairman Trinh Van Quyet, the Securities and Exchange Commission (SSC) recommended that investors stay calm while analysing macro factors and business operations to make decisions.
SSC reassures investors following FLC chairman's arrest
FLC chairman Trinh Van Quyet

"Vietnam's stock market is still evaluated positively, based on macroeconomic fundamentals and good internal factors," the SSC noted.

In addition, the SSC stated that it would continue to provide full information and coordinate with relevant agencies to handle the case, in the spirit of ensuring the discipline and transparency of the stock market."

After the chairman of FLC Group was prosecuted and arrested on charges of manipulating and hiding securities information, investor sentiment was affected and the market fluctuated strongly.

Following the SSC, the Ministry of Finance (MoF) said it would continue to coordinate with the investigating agency to provide information about Trinh Van Quyet and related individuals of FLC Group, BOS Securities, and related companies.

"The guiding spirit of the ministry is to respect the law. Illegal actions will be dealt with strictly," said an MoF representative.

FLC JSC was established in 2008, dealing mostly in real estate, securities, tourism, and aviation. FLC Group consists of 15 subsidiaries and two associate companies. Trinh Van Quyet is the chairman, holding 30.34 per cent of the shares. The general director and legal representative of FLC is Bui Hai Huyen.

Following the prosecution, Quyet has authorised deputy general director Vu Dang Hai Yen to act on behalf of the chairman at FLC and Tre Viet Aviation JSC, while assuming rights to assets owned by him, an FLC notice stated.

By Linh Le

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