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Vietnam arrests chairman of FLC, Bamboo Airways over market manipulation -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Bamboo Airways chairman Trinh Van Qyet poses for Reuters during an interview in Hanoi (Vietnam), April 14, 2021. REUTERS/Khanh Vu

HANOI 29 Mar (Reuters) – The Ministry of Public Security stated that on Tuesday, Vietnamese police arrested the head of one of the largest private companies in the country on charges of manipulating stock markets.

The ministry stated in a statement that Trinh Van Qyet is the chairman of FLC Group, a property and leisure company, and Bamboo Airways. He was also charged with hiding information about stock transactions.

FLC owns dozens more resorts and courses across the country. Reuters didn’t respond immediately to a request.

According to the ministry Quyet purchased 74.8 Million shares of FLC from Quyet Jan. 10, but did not notify market authorities.

FLC shares were down 7% Tuesday, closing at 12,650 Dong per share

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