The Hanoi People’s Court is expected to announce its verdict on former FLC Chairman Trinh Van Quyet and 49 accomplices this afternoon, August 5, in a fraud and stock market manipulation case.
Defendant Trinh Van Quyet in court. Photo: Phuong Nguyen
During the trial, the Hanoi People’s Procuracy recommended a sentence of 24-26 years in prison for Trinh Van Quyet on two charges. His two sisters, defendants Trinh Thi Minh Hue and Trinh Thi Thuy Nga, were recommended sentences of 17-19 years and 10-12 years in prison, respectively. In terms of civil liability, Quyet was deemed primarily responsible for compensation.
The Procuracy also recommended sentences for other defendants: Tran Dac Sinh, former Chairman of the Ho Chi Minh City Stock Exchange, 8-9 years in prison; Le Hai Tra, former member of the Ho Chi Minh City Stock Exchange’s Board of Directors and Standing Vice President, 6-7 years in prison; Tram Tuan Vu, former Vice President and Vice Chairman of the Ho Chi Minh City Stock Exchange’s Listing Council, 6-7 years in prison; and Le Thi Tuyet Hang, former Director of the Management and Listing Department and member of the Ho Chi Minh City Stock Exchange’s Listing Council, 3-4 years in prison. All four were charged with “Abusing position and authority while performing official duties.”
Le Cong Dien, former head of the Public Company Supervision Department of the State Securities Commission, was recommended a sentence of 36-42 months in prison, and Duong Van Thanh, former General Director of the Vietnam Securities Depository, was recommended a sentence of 24-30 months in prison. Both were charged with “Providing false information or concealing information in securities activities.” Other defendants faced recommended sentences ranging from 18 months to 13 years in prison.
During the trial, the defendants admitted to the charges against them and expressed their desire for leniency, hoping for a chance to reintegrating into society and starting anew.
Defendant Trinh Van Quyet pledged that if his accounts, totaling approximately VND 4,800-5,000 billion, which are currently frozen by the investigating agency, are “facilitated,” he will sell all his assets to compensate the victims. Quyet also mentioned that he currently holds over 30% of FLC Group’s shares and has repeatedly requested to sell them to rectify the damage caused. However, these shares remain “frozen.”
“This 30% stake is significant because FLC owns assets worth tens of thousands of billions of dong, including 5,000 to 6,000 five-star hotel rooms. In total, FLC’s assets amount to billions of US dollars, of which I own over 30%,” said defendant Trinh Van Quyet, valuing his assets in FLC.
In his final statement, the former FLC chairman apologized to the victims and requested leniency for his subordinates involved in the case. He acknowledged the case as a lesson and expressed his remorse for the rest of his life.
Reflecting on his career, the former FLC chairman shared his ambition to develop golf courses, resorts, and airlines. However, driven by this grand vision, he admitted to committing acts that exceeded legal boundaries.
As of July 26, the Hanoi People’s Procuracy recorded that Trinh Van Quyet had compensated more than VND 237 billion.
In addition to the above charges, Trinh Van Quyet was also accused of borrowing the names of many individuals to open 500 securities accounts to profit from the listed shares within the FLC ecosystem. He and his accomplices then manipulated the prices of five stocks: AMD, HAI, GAB, FLC, and ART, earning VND 723 billion.
FLC Scandal: 22 more defendants charged in Trinh Van Quyet case
22 suspects have assisted the former Chairman of the FLC Group, Trinh Van Quyet, in inflating the charter capital of FLC Faros Construction Joint Stock Company from 1.5 billion VND to 4,300 billion VND, equivalent to 430 million shares, listed on the HOSE stock exchange. They are accused of embezzling investors’ money.
Big 4 Real Estate Giant Selling Prime Land Lots in Beautiful Da Nang City on the Eve of Tet Holiday
A series of prime real estate properties situated on major roads in the cities of Danang and Quang Nam are being auctioned off by Agribank to recover outstanding debts. These land plots are owned by real estate tycoons.
Over 37,000 dual ransomware attacks on Tet holiday, 83,000 people fell victim, urgent warning from experts
According to cybersecurity experts, dual ransomware is a form of attack that is highly “terrorizing” to its victims. The victims are forced to pay a ransom in order to “redeem” their data decryption key.
Common Scams to Watch Out for During the 2024 Lunar New Year Online
As the Lunar New Year approaches, cybercriminals are ramping up their activities in cyberspace, causing a significant impact on people’s lives. The rise in cybercrime has become more sophisticated and complex, posing a threat to individuals and their personal information. It is crucial for us to be vigilant and take proactive measures to protect ourselves and our online presence.
