According to an announcement made by the Ministry of Public Security on Saturday, investigators have suggested that prosecutors should bring charges against Quyet's two sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue, as well as the former standing chairwoman of real estate group FLC, Huong Tran Kieu Dung. These individuals are recommended to face the same charges.
Nguyen Thien Phu, the vice general director of FLC Faros, is facing allegations of fraudulent acquisition of property. Additionally, fifteen individuals, including several FLC employees, have been accused of engaging in stock market manipulation as part of this extensive case.
Between May 26, 2017 and Jan. 10, 2022, Quyet provided guidance to Nga and Hue, as well as other individuals, to engage in the manipulation of the stock market using multiple accounts. Through these orchestrated actions, the share prices of FLC experienced a significant surge of 64%, resulting in an increase from VND15,500 to VND24,050 per share.
On January 10, 2022, Quyet issued instructions to initiate the sale of more than 76.7 million FLC shares and match orders for 74.8 million shares, with an average price of VND22,586 per share, all done discreetly without any public announcement. The entire transaction resulted in a substantial sum of VND1.689 trillion being earned.
Authorities have stated that Quyet and his associates employed a scheme of manipulation, enabling them to unlawfully acquire an impressive sum of VND723 billion.
Police have also alleged that Quyet and his associates engaged in the misappropriation of funds from investors during the period of 2014 to 2016. This was achieved by carrying out certain procedures to artificially inflate the company's charter capital.
During that particular period, the shareholders of construction company Faros made a contribution of approximately VND1.2 trillion as charter capital. However, Quyet and other individuals engaged in fraudulent activities by falsifying documents in order to inflate the capital by over VND3.1 trillion. Subsequently, Faros deceitfully applied for registration of 430 million ROS shares on the HCMC Stock Exchange, which were then sold to unsuspecting investors, resulting in the embezzlement of over VND3.6 trillion.