In a major development, the Hanoi People’s Court is set to try 50 defendants, including former FLC Group chairman Trinh Van Quyet, on July 22. The charges range from “fraud, stock market manipulation, abuse of position and power, and intentional disclosure of false information or concealment of information in securities activities.” This case involves multiple high-profile individuals and entities and has captured the attention of the nation.
Among the accused, Trinh Van Quyet stands out as a prominent figure in Vietnam’s business landscape. He is facing charges of fraud and stock market manipulation, with prosecutors alleging that he directed subordinates and relatives to inflate the capital of Faros Construction Joint Stock Company (“Faros”), resulting in a staggering increase from 1.5 billion VND to 4.3 trillion VND. This capital manipulation scheme allowed Quyet to illegally acquire over 3.621 trillion VND from unsuspecting investors.
Trinh Van Quyet, former FLC Group Chairman
Furthermore, from 2017 to 2022, Quyet and his associates allegedly manipulated the stock market by employing a network of relatives and subordinates to open multiple securities and bank accounts. They targeted five stock codes: AMD, HAI, GAB, FLC, and ART, reaping illegal profits of over 723 billion VND in the process.
The court has summoned an unprecedented number of people in relation to this case. 30,403 investors who purchased ROS shares have been summoned as victims, along with 63,092 investors currently holding ROS shares, who will attend as individuals with related rights and obligations. The total number of people summoned stands at 93,495, a record-breaking figure for a trial in Vietnam.
Faros Construction Joint Stock Company’s capital was inflated from 1.5 billion VND to 4.3 trillion VND.
Additionally, several former leaders of the State Securities Commission of Vietnam and the Ho Chi Minh City Stock Exchange (HOSE) are also facing charges. They include Tran Dac Sinh, former HOSE Chairman; Le Hai Tra, former HOSE Vice Director; and Le Cong Dien, former head of the Supervisory Division for Public Companies at the State Securities Commission of Vietnam.
The trial is expected to be a complex and closely watched proceeding, with approximately 80 lawyers registered for the defense. Trinh Van Quyet alone will be represented by four lawyers.
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