On August 5, the Hanoi People’s Court handed down judgments to 50 defendants in the FLC case. In addition to the 21-year prison sentence for criminal liability, the court also ordered former FLC Chairman Trinh Van Quyet to pay billions of dollars in compensation.
Specifically, the court ordered the former FLC Chairman to compensate a total of more than VND 1,866 billion, of which more than VND 1,366 billion was compensation for the crime of “Appropriating property by fraud”; VND 500 billion was retrieved due to stock market manipulation.
The court acknowledged Mr. Trinh Van Quyet’s acceptance to use all of his assets to compensate for the damage caused by the case.
The defendants in court. Photo: CTV |
According to the court, defendant Trinh Van Quyet was the mastermind and directed the inflation of Faros’ capital contribution, registered the public company, registered the circulation of ROS shares, and listed the shares on the HOSE. Defendant Quyet also decided how to use the appropriated money.
Mr. Trinh Van Quyet also directed the establishment, management, and use of securities accounts, continuously buying and selling to manipulate the prices of 5 stock codes.
The defendant’s acts were particularly serious, violating criminal law, securities laws, and involving a huge amount of appropriated money. These actions took advantage of the HOSE stock exchange, causing damage to investors and stirring public outrage. Therefore, strict handling is necessary.
The defendant Trinh Thi Minh Hue (Mr. Quyet’s sister) was identified by the court as an active executor, receiving directions from her brother to commit violations, and assisting Mr. Trinh Van Quyet in illegally earning a huge amount of money…
Defendant Hue was sentenced to 11 years and 6 months in prison for “Appropriating property by fraud” and 30 months in prison for “Manipulating the stock market,” with a combined sentence of 14 years. The court ordered Defendant Hue to compensate VND 251 billion.
Another sister of Mr. Trinh Van Quyet, defendant Trinh Thi Thuy Nga, was sentenced to 6 years in prison for “Appropriating property by fraud” and 2 years in prison for “Manipulating the stock market,” with a combined sentence of 8 years. The court ordered Defendant Nga to pay VND 83 billion.
T.Nhung
