On August 5, the Hanoi People’s Court will deliver its verdict on former FLC Chairman Trinh Van Quyet and 49 accomplices in a fraud and stock manipulation case. The trial and deliberations have lasted for two weeks.
Of the 50 defendants, former FLC Chairman Trinh Van Quyet is considered the mastermind and leader and faces the harshest sentence. The proposed punishment is 5-6 years in prison for stock manipulation and 19-20 years for fraud, totaling 24-26 years in prison.
Defendant Trinh Van Quyet in court.
For the same two charges, the defendants Trinh Thi Minh Hue, Trinh Thi Thuy Nga, and Huong Tran Kieu Dung face proposed sentences ranging from 17 to 19 years, 10 to 12 years, and 11 to 13 years in prison, respectively.
The group of seven former securities officials face proposed sentences ranging from 18 months to 9 years in prison for either “Abuse of Power and Authority in Performance of Official Duties” or “Disclosure of False Information and Concealment of Information in Securities Activities.”
The defendants who were subordinates of accused Quyet face the lightest proposed sentences, ranging from 18 months to 16 years in prison.
During the trial, all defendants admitted that the indictment was well-founded. They expressed their desire for a lenient sentence to have the opportunity to return to society and rebuild their lives. Prior to the trial, defendant Trinh Van Quyet, the former FLC Chairman, announced that he had sold his beloved airline, Bamboo Airways, for 700 billion VND.
Of this amount, the new partner has paid 200 billion VND, which Quyet has transferred to the account of the Office of the Criminal Investigation Police Agency. Regarding the remaining 500 billion VND, the accused stated that once the partner transfers the additional amount, he is willing to pay it to fulfill his civil obligations.
Prosecutors at the trial
Former FLC Chairman Trinh Van Quyet broke down in tears as the court allowed him to make his final statement: “At the same time, to realize multiple dreams and ambitions, I had to do some things that exceeded legal boundaries, leading to today’s consequences. I deeply regret that despite my efforts and struggles as an entrepreneur for over twenty years, I cannot change the fact that many of my relatives, friends, and colleagues who trusted me are now in prison.”
According to the indictment, from 2014 to 2016, the shareholders contributed only VND 1,200 billion to the charter capital of Faros Construction Joint Stock Company. However, defendant Quyet signed blank documents and created fictitious capital contribution records to inflate the company’s capital to over VND 4,300 billion. Subsequently, the defendants requested the listing of 430 million ROS shares of Faros Company on HOSE for sale (equivalent to VND 4,300 billion), defrauding investors of more than VND 3,600 billion.
Additionally, in relation to stock manipulation, the indictment states that from 2017 to 2022, Trinh Van Quyet directed his sister, Trinh Thi Minh Hue, and accomplices to manipulate the stock market for five codes: AMD, HAI, GAB, FLC, and ART, resulting in illegal profits of over VND 700 billion.
