The VN Index fell from over 1,500 points earlier in 2022 to 1,000 points by the end of the year.

Trinh Van Quyet sells 74.8 million shares without reporting

On January 10, the stock market was stirred up by information that 74.8 million FLC shares were transferred, but the deal was not reported and the information was not made public. The seller was Trinh Van Quyet, president of FLC Group.

Quyet and his co-workers inflated the prices of his company’s shares to sky high levels and then sold the shares he bought at low prices for illegal profits.

Quyet, his family members and others instructed the officers of BOS Securities JSC and subsidiaries to use 20 securities accounts of 11 institutions to inflate prices. 

The individuals bought and sold FLC at high frequency to create artificial demands, pushing the prices up. This helped them make an illegal profit of hundreds of billions of dong.

According to the Ministry of Public Security, Quyet also manipulated many other stocks.

The State Securities Commission (SSC) canceled the transactions made by Quyet on January 10.

After that FLC share price plummeted from VND24,000 per share to VND11,000 after 10 trading sessions. At the time of Quyet's arrest, FLC shares lost another 50 percent of value. The shares are traded at around VND3,500 per share.

After the Quyet arrest, the business performance of the enterprises related to Quyet was ineffective and shares were put under special control.

Louis holdings

Another stock manipulation case was related to Do Thanh Nhan, who was the head of many enterprises, such as Louis Holdings, Louis Land (BII), Louis Capital (TGG). Do Duc Nam, former CEO of Tri Viet Securities, also was involved in the case.

To manipulate BII and TGG share prices, Nhan and Nam used accounts of their relatives who are shareholders of the enterprises to buy and sell shares to raise liquidity and push prices up for illegal profits.

After the leader was arrested on April 20, BII and TGG saw prices plunge. The market price of BII dropped from VND13,000 per share in late April to VND5,000 per share after two months. Now it is traded at VND2,000 per share.

Meanwhile, the market prices of TGG tumbled from VND14,000 to VND5,000 per share. TGG has been traded at the price since August.

On December 9, the Supreme People's Procuracy issued a decision approving the filing of charges against Pham Thanh Tung, Chair of Tri Viet Securities, for manipulating the stock market which occurred at Louis Holdings, Louis Capital, Louis Land and Tri Viet Securities.

Manh Ha