Vice General Director and Chief accountant of FLC Faros Company (ticker:ROS) Nguyen Thien Phu has been apprehended for the appropriation of assets by deceit.

Vice General Director and Chief accountant of FLC Faros Company Nguyen Thien Phu. Source: Ministry of Public Security

Chief of the Ministry of Public Security’s Office, Major General To An Xo, revealed the apprehension on September 12.

According to Xo, this is the latest move following the expansion of the police’s ongoing investigation over the case of market manipulation and appropriation of assets by deceit at FLC Group and other affiliates, including BOS Securities Company, FLC Faros, and others.

Preliminary investigation results showed Phu in the 2015-2016 period helped FLC Chairman Trinh Van Quyet artificially inflate FLC Faros’ chartered capital from VND1.5 billion to VND4.3 trillion ($183 billion), equivalent to 430 million shares listed on the stock market.

The Police also added that Quyet had instructed his sister Trinh Thi Minh Hue to sell all of his ROS shares for illegal gains of VND6.41 trillion ($272.4 million).

On August 25, Trinh Van Quyet, his two sisters of Trinh Thi Thuy Nga and Trinh Thi Minh Hue, and Huong Tran Kieu Dung, former Vice President of FLC Group, have been arrested for the appropriation of assets by deceit.