Friday , March 1 2024

Business exec arrested in fraud case involving former FLC chairman

Deputy general director of construction firm FLC Faros has been arrested with allegations of commiting fraud for property appropriation.

Nguyen Thien Phu, also chief accountant of the firm, has been detained, Lieutenant General To An Xo, spokesman of the Ministry of Public Security, said Monday.

Nguyen Thien Phu, deputy general director and chief accountant of FLC Faros. Photo by the Ministry of Public Security

Nguyen Thien Phu, deputy general director and chief accountant of FLC Faros. Photo by the Ministry of Public Security

Phu’s arrest came as the police expanded investigation into fraud and stock market manipulation committed by leaders of FLC Faros and its parent company, property giant FLC.

Investigation found Phu had helped then FLC Chairman Trinh Van Quyet to commit fraud by raising its capital from VND1.5 billion to VND4.3 trillion, issuing 430 million shares on the stock market, between 2015 and 2016.

Quyet then asked his sister Trinh Thi Minh Hue, then an FLC accountant, to sell the shares, from which he pocketed more than VND6.4 trillion ($273.7 million).

Public Security Ministry police said last month that Quyet and his sisters Trinh Thi Thuy Nga and Hue are being investigated for obtaining property by fraud. All three were arrested on allegations of stock market manipulation in March and April.

Huong Tran Kieu Dung, former vice chairwoman of the real estate group, arrested in April on allegations of stock market manipulation, is also being investigated for obtaining property by fraud, the police said.

Regarding his stock market manipulation allegations, investigation revealed that from September 1, 2016 to January 10, 2022, Quyet instructed Hue and his employees in the accounting department to let his acquaintances form 20 companies.

They borrowed and used personal ID cards of 26 people to create 450 stock market accounts under Hue’s name, as well as the names of people and entities in 41 other companies.

Authorities said their action was aimed at manipulating the stock market through buying and selling large numbers of stocks, as well as canceling orders to create a false sense of demand. Through his actions, Quyet has unlawfully gained resources and harmed investors, authorities said.

Quyet unlawfully gained over VND530 billion ($22.6 million) through the manipulation, authorities said.

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