HANOI -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)
(Reporting by Khanh VuEditing by Bernadette Baum and Mark Potter)
