In the case of Stock Market Manipulation, which occurred at FLC Group Joint Stock Company, BOS Securities Joint Stock Company, Faros Construction Joint Stock Company and related companies, the Ministry of Public Security's Investigation Police Agency proposed Nguyen Thien Phu (former Deputy General Director of Faros Construction Joint Stock Company) for the crime of Fraudulent appropriation of property.
According to the investigation, Phu has knowledge in the fields of accounting, finance, and securities. In addition to holding the position of Deputy General Director of Faros Company, Phu also served as Chief Accountant of Faros Company from May 27, 2015 to August 12, 2016.
Following the instructions of Mr. Trinh Van Quyet (former Chairman of FLC Group) and Mr. Doan Van Phuong (General Director of FLC Company), Phu registered himself as a shareholder contributing capital by signing a contract to receive the transfer of 855,000 shares from Nguyen Van Manh (Staff of the Materials Department of FLC Land LLC), even though no payment was made.
After becoming a shareholder, Phu signed 4 payment authorizations, transferring 72.2 billion VND to contribute capital to Faros Company. According to the investigation, this action was also a fabrication. In fact, Phu did not contribute money but only signed documents, and the procedures for depositing money and transferring money were all carried out by Trinh Thi Minh Hue (Mr. Quyet's sister).
Defendant Nguyen Thien Phu (Photo: FLC Faros).
Before listing the stock code ROS, Phu returned all shares under Mr. Quyet's name, transferring nearly 10 million shares under Mr. Phu's name to the former Chairman of FLC.
In his role as chief accountant, Phu was accused of signing more than 115 fake investment trust contracts and business cooperation contracts; signing 94 payment authorization documents and cash withdrawal papers for Hue to carry out procedures to transfer and withdraw nearly 3,000 billion VND from Faros Company's account to the accounts of FLC Group and other companies.
Hue's purpose is to turn around the fake capital contribution, from 1,125 billion VND to 4,300 billion VND.
The investigation conclusion also showed that Phu was the person who signed 3 Financial Reports, signed the Prospectus, signed the commitment to hold shares to prepare documents requesting management agencies to approve the listing of ROS shares of Faros Company on the stock exchange.
In addition, from January 12, 2015 to February 25, 2020, Phu signed 466 payment orders, transferring more than VND 12,200 billion from the accounts of Faros Company and RTS Company to the accounts of different companies with the content of investment trust and capital contribution to legalize and conceal the fictitious capital contribution.
This helped Mr. Quyet and his accomplices to inflate charter capital and list shares for sale to appropriate more than VND3,600 billion from investors.
After performing a series of the above actions, Phu was awarded 30,000 shares, then received an additional dividend of 9,600 shares. On May 11, 2021, Phu sold 39,600 shares he held, earning more than 260 million VND. Phu voluntarily returned this amount to the temporary account of the investigation agency.
According to the investigation conclusion, Phu honestly confessed his actions and those of his accomplices.
In particular, this defendant "actively cooperated with the investigation agency, making great contributions in clarifying the flow of fake capital contributions to clarify the nature of the case".
In this case, Phu was assessed to have committed the crime because he acted under the direction of Mr. Quyet, acting as an accomplice.
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