Former finance industry bigwigs, including ex-FLC Chairman Trinh Van Quyen, ex-HOSE Deputy General Director Le Hai Tra, and ex-HOSE Chairman Tran Dac Sinh, expressed remorse and regret as they faced the sentences proposed by the prosecution.
Among the 50 defendants in the dock, ex-FLC Chairman Trinh Van Quyen was deemed the mastermind and faced the harshest sentence. The proposed punishment included 5-6 years in prison for stock market manipulation and 19-20 years for fraud, totaling 24-26 years in prison.
The prosecution also assessed that the number of victims was not 30,403 (as initially indicted) but was more than the 133 suggested by the defense lawyers. After a thorough review, the prosecution concluded that there were 25,853 victims who used 30,403 securities accounts to purchase more than 391 million shares worth over VND4,818 billion.
Out of the 430 million ROS shares worth VND4,300 billion, the prosecution assessed that only VND1,100 billion was real capital contribution, while VND3,102 billion was fictitious. “The initial investors had put a substantial amount of real money into the 30,403 securities accounts to purchase more than 391 million ROS shares, incurring losses of over VND3,620 billion,” stated the prosecution representative.
Among those standing trial were individuals who once held important positions at the Ho Chi Minh City Stock Exchange (HOSE), such as Mr. Le Hai Tra, former HOSE Deputy General Director, and Mr. Tran Dac Sinh, former HOSE Chairman.
Both individuals faced severe sentences for abusing their positions and power while performing their duties. Specifically, the prosecution proposed a sentence of 6-7 years in prison for Le Hai Tra and 8-9 years for Tran Dac Sinh.
In his final statement, Le Hai Tra, former HOSE Deputy General Director, mentioned that he had received a solid education, including a master’s degree from Harvard University (USA), and had always wanted to serve Vietnam’s securities market. He never imagined that he would one day be involved in aiding fraudulent activities that harmed investors in the stock market.
“After completing my master’s degree in leadership and financial analysis at Harvard University, I always wanted to come back and serve my country and Vietnam’s securities market. In reality, HOSE, from its early challenging days, has gradually established itself as an efficient capital mobilization and fundraising channel for the economy. It has become the go-to choice for hundreds of businesses, representing the Vietnamese economy, for listing, fundraising, and accessing investors,” said defendant Le Hai Tra.
The former HOSE Deputy General Director acknowledged his actions and the extent of his violations but emphasized that he never intended to defraud or deceive investors. His mistake, he said, was due to his “over-reliance” on the safeguards and checks and balances stipulated in the Enterprise Law and Securities Law.
For his part, former FLC Chairman Trinh Van Quyen apologized to everyone, especially those identified as victims in the case, and pleaded for their forgiveness.
Defendant Quyen attributed his actions to his grand vision and dreams, which led him to undertake certain activities that exceeded the boundaries of what the law permits, resulting in the consequences he faces today. He also acknowledged that he “dared not ask for leniency” because many of his acquaintances and relatives had been implicated in the case.
“It is very difficult for me to ask for leniency for myself at this moment. I humbly request the Court to reduce the sentences for all the defendants involved in this case so that they can soon reunite with their families,” Quyen said. He then returned to his seat, repeatedly bowing his head and wiping away tears.
Another former HOSE leader, Mr. Tran Dac Sinh, expressed his apologies to the Party, the State, and those who had trusted him. He also lamented that, just as he was nearing retirement, he found himself entangled in this wrongdoing.
“I apologize to the Party and the State for their trust in me, but I have failed to fulfill my duties. Through this, I also apologize to the State Securities Commission and all the investors who trusted me. However, I made a mistake by allowing fraud to occur in the stock market, thereby eroding investor confidence,” said defendant Tran Dac Sinh.
The former HOSE Chairman explained that his goal had always been to build and develop Vietnam’s stock market, but he never imagined that, in the final days of his career, as he prepared for retirement, he would be caught up in this “virus of fraud” and end up in prison.