Securities regulator to fine FLC chairman for selling stocks unannounced

The State Securities Commission of Vietnam (SSC) said the filing for the sale was only done at 5:45 p.m. Monday, three hours after trading ended at the Ho Chi Minh Stock Exchange (HoSE), where FLC is listed.

By then Quyet had already sold the shares. It is unclear what the fine will be.

The law requires major shareholders to announce planned stock sales in advance.

The HoSE website briefly carried an announcement saying Quyet wanted to sell 175 million FLC shares between January 10 and 17 and reduce his ownership in the company from 30.34 percent to 5.7 percent.

But it was taken down by Tuesday morning.

On Monday, FLC closed at the floor price of VND21,150 ($0.93) with 134.96 million shares being traded, the highest volume since its listing on HoSE in 2013.

During the session the price also went up to the ceiling of VND24,100, a new high.

At that price, Quyet’s sale of 74.8 million shares would have fetched VND1.8 trillion ($79.28 million).

FLC has doubled since September 2021 and gained 363 percent since January that year. In five straight sessions until Monday when Quyet sold out, it went up from VND18,000 to VND23,600.

On Facebook stock trading groups, investors have been calling Quyet a “fraudster” for the surreptitious sell-off.

Other stocks related to FLC such as ROS of FLC Faros and HAI of HAI Agrochem Jsc are all in free fall at the time of publishing.