Gov't orders strict supervision of financial, stock markets following arrest of FLC Chairman
VGP – The Government on Wednesday ordered strict supervision of the financial and stock markets after the arrest of Chairman of real estate developer FLC Trinh Van Quyet.
The Government orders strict supervision of financial and stock markets following arrest of FLC Chairman Trinh Van Quyet.
The FLC Chairman, aged 47, was arrested Tuesday pending investigations into suspicion of stock market manipulation.
Specifically, the Government tasked the Minister of Finance and the Governor of the State Bank of Viet Nam to closely monitor the financial and stock markets and proactively take measures to ensure smooth and safe operation of these markets and credit organizations.
The Government also urged competent authorities to review and improve legal framework on handling violations in the stock market.
Trinh started his career as a lawyer in 2001 when he established the SMiC Law Firm and also established a number of businesses and the FLC group was formed in early 2010 after merging all of them.
The FLC founded Bamboo Airways which entered the aviation market in 2019.
Trinh was said to own over 215 million FLC shares, equivalent to approximately 30 percent, as well as tens of millions of stocks in related companies like ROS./.
