A representative of the ministry said on April 6 that the recent wrongdoings in these markets related to FLC Group and Tan Hoang Minh Group are unfortunate cases, but the settlement shows the determination of the management agency in making the markets transparent.
The ministry is willing to coordinate with relevant agencies to strictly handle wrongdoings.
Minister of Finance Ho Duc Phoc recently sent an official dispatch requesting the State Securities Commission, the Accounting and Auditing Supervisory Department, and the Inspectorate of the Ministry of Finance to strengthen inspection and supervision over the implementation of regulations in auditing listed enterprises.
On April 5, the Ministry of Public Security decided to launch criminal proceedings against and detain Do Anh Dung, Chairman of the Tan Hoang Minh Group, on charges of "obtaining property by fraud".
Initial investigations found out that from July 2021 to March 2022, the 61-year-old man and many individuals in the group committed fraud by using three subsidiary companies –Viet Star Real Estate Investment LLC., Soleil Hotel Investment and Hotel Services JSC, and Winter Palace JSC - to distribute unlawful bonds nine times, totaling VND10.3 trillion (US$450 million).
On March 29, the force also decided to launch criminal proceedings against and detain Trinh Van Quyet, Chairman of the FLC Group Joint Stock Company, pending investigations into suspicion of stock market manipulation.
Quyet is being investigated on the charge of "manipulating the stock market" and "concealing information in securities activities". On January 10, he sold 74.8 million FLC shares without any reports and notifications in advance as stipulated in regulations, triggering public concern. He was fined VND1.5 billion ($65,600), the heaviest penalty in line with regulations, and banned from stock trading activities for five months.
