Former FLC Chairman Trinh Van Quyet Voluntarily Pays VND 1.7 Trillion in Damages

According to the indictment, former FLC Chairman Trinh Van Quyet voluntarily paid over VND 189 billion in compensation.

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On July 22, the Hanoi People’s Court will try former FLC Chairman Trinh Van Quyet and 49 other defendants charged in a case of “fraudulent appropriation of property; stock market manipulation; abuse of position and power in the performance of official duties; and intentional disclosure of false information or concealment of information in securities activities” involving FLC.

Joining Quyet in the dock are several of his relatives, including Trinh Thi Minh Hue (Quyet’s sister); Trinh Van Dai (Quyet’s cousin); Nguyen Van Manh (Quyet’s brother-in-law), and Hoang Thi Thu Ha (Quyet’s cousin).

Former FLC Chairman Trinh Van Quyet

The group of former HOSE Securities Exchange leaders standing trial includes Tran Dac Sinh, Le Hai Tra, Tram Tuan Vu, and Le Thi Tuyet Hang. In this case, the prosecution alleges that Mr. Trinh Van Quyet is the mastermind: “Trinh Van Quyet’s actions have violated Clause 4, Article 174, and Clause 2, Article 211 of the 2015 Penal Code, with the role of mastermind and organizer.”

Mr. Quyet is charged with two counts. First, fraudulently appropriating property, related to the overvaluation of owner’s equity capital in Faros Company from VND 1.5 billion to VND 4,300 billion. Quyet then used the HOSE trading floor to sell more than 391 million shares formed from the inflated capital contribution to 30,403 investors on the stock exchange, appropriating over VND 3,621 billion.

The second charge against Mr. Quyet is stock market manipulation. This involves his instruction to relatives and subordinates to set up 500 securities accounts in the names of individuals and entities at 41 securities companies. The defendants then manipulated the stock market, creating fake supply and demand for the stocks AMD, HAI, GAB, FLC, and ART, and illegally profiting by over VND 723 billion.

During the investigation, Mr. Trinh Van Quyet confessed to the alleged actions and voluntarily paid over VND 189 billion in compensation.

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