The Hanoi People’s Court is scheduled to hold a first-instance trial for Trinh Van Quyet, former chairman of the FLC Group, and 50 accomplices on July 22.
Trinh Van Quyet, the former chairman of the FLC Group, will be tried for “Stock Market Manipulation” and “Fraudulent Appropriation of Property.” His two sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue, along with former FLC Vice Chairman Huong Tran Kieu Dung, face the same charges.
Trinh Van Quyet before his legal troubles. Photo: T.L
Quyet is expected to have four lawyers defending him in court: Vu Dang Hai Yen, Pham Duc Giang, Le Ngoc Ha, and Tran Nam Long. According to lawyer Vu Dang Hai Yen, Quyet was diagnosed with tuberculosis a month ago and is currently undergoing treatment. Despite his health issues, his spirit remains strong.
As per the indictment, from 2017 to 2022, Trinh Van Quyet instructed Trinh Thi Minh Hue and several subordinates to borrow the identities of employees, relatives, and family members to establish companies and open securities and bank accounts to manipulate the stock market with five stock codes: AMD, HAI, GAB, FLC, and ART.
Minh Hue used 190 accounts to manipulate the stock market by continuously buying and selling the same type of securities, making large purchases and sales that dominated the market during opening and closing trades, and placing and then canceling stock orders.
These manipulative actions are alleged to have created false supply and demand and inflated the prices of the five aforementioned stock codes, resulting in illegal profits of over VND 723 billion.
Additionally, Trinh Van Quyet is accused of inflating the chartered capital of FLC Faros Construction Joint Stock Company to list the ROS stock code on the stock exchange and collect money from investors. FLC Faros, established in 2011 with initial chartered capital of VND 1.5 billion, saw its capital artificially inflated by Quyet from VND 1.5 billion to VND 4,300 billion during 2014-2016. When FLC Faros listed 430 million ROS shares on the stock exchange, Quyet directed the sale and appropriated VND 3,600 billion from investors.
According to the indictment, Trinh Van Quyet and his two sisters have confessed to their crimes. During the investigation, the former FLC chairman voluntarily paid over VND 189 billion in compensation, while his sister, Trinh Thi Minh Hue, returned VND 100 million.
The prosecution has taken these compensations into account as mitigating factors for the defendants, including Quyet and his sisters. Additionally, the defendants’ contributions to charity and their families’ revolutionary backgrounds, along with various awards and commendations received for their labor and work, have also been considered.
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