Police yet to confirm FLC Director’s detainment, travel ban

SGGP 28/03/2022 20:47

There is no official info on a travel ban imposed on the Chairman of the Board of Directors of FLC Group JSC as of March 28, said the Office of Investigating Police Agency under Vietnam’s Ministry of Public Security.

Rumors started to circulate on social media on March 27 that the Director Trinh Van Quyet had been detained for questioning regarding the company’s stock activities.

There were also rumors that he had been banned from exiting the country, which caused stock prices to plummet during the morning of March 28.

Police yet to confirm FLC Director’s detainment, travel ban ảnh 1

Chairman of the Board of Directors of FLC Group JSC Trinh Van Quyet

Regarding the rumors, Lt. General Do Van Hoanh of the Office of Investigating Police Agency confirmed the Agency had not made any decision regarding Quyet’s arrest.

On March 25, the State Securities Commission (SSC) had imposed an administrative sanction of VND1.5 billion (US$66,000) on the FLC Chairman for failing to announce the company’s issuing of 74.8 million shares back in January 10.

Accordingly, the Decision No. 164/QD-XPHC was issued against FLC Group JSC with an initial fine of VND100 million ($4,378) for failing to disclose information that is legally required to be disclosed.