Vietnam arrests chairman of FLC, Bamboo Airways over alleged market manipulation
Reuters
Published Mar 29, 2022 08:31AM ET
Updated Mar 29, 2022 10:21AM ET
HANOI (Reuters) -Vietnamese police on Tuesday arrested the chairman of one of the country's largest private groups on suspicion of manipulating the stock market, the Ministry of Public Security said.
Trinh Van Quyet, chairman of property and leisure company FLC Group and its Bamboo Airways subsidiary, is also accused of hiding stock transaction information, the ministry said in a statement.
FLC, which owns dozens of resorts and golf courses throughout the country, said Quyet had been cooperating with investigators and no final decision had been reached.
"The incident won't affect the legitimate rights and interests of the group's customers, shareholders and partners," FLC chief executive officer Bui Hai Huyen said in a statement on the group's website.
Bamboo CEO Dang Tat Thang said in a statement the incident "does not relate to or affect the operation of FLC Group in general and Bamboo Airways in particular."
According to the ministry, Quyet sold 74.8 million shares of FLC on Jan. 10 without notifying market authorities as required.
FLC shares closed down 7% on Tuesday at 12,650 dong ($0.5532) apiece.
($1 = 22,865 dong)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.