On August 5, the Hanoi People’s Court handed down judgments against 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 in compensation.
Specifically, the court ordered the former FLC Group chairman to pay a total of more than VND 1,866 billion ($79.4 million), including more than VND 1,366 billion ($58 million) in compensation for the crime of “appropriation of property by fraud” and VND 500 billion ($21.3 million) in relation to stock market manipulation.
The court acknowledged Trinh Van Quyet’s acceptance to use all his assets to compensate for the damages caused by the case.
The defendants in court. Photo: CTV |
According to the court, Trinh Van Quyet was the mastermind and director of the scheme to inflate the capital contribution of Faros Construction JSC, register the company as a public company, register the ROS shares for trading, and list them on the Ho Chi Minh City Stock Exchange (HoSE). Quyet also decided how the appropriated money would be used.
Quyet was also found to have directed the establishment, management, and use of securities accounts to continuously buy and sell shares to manipulate the prices of five stock codes.
His actions were deemed particularly serious, violating criminal and securities laws, and involving an extremely large amount of money. By taking advantage of the HoSE platform, his actions caused damage to investors and stirred public outrage. Therefore, the court decided to impose a strict sentence.
Trinh Thi Minh Hue, Quyet’s sister, was found to have actively carried out her brother’s instructions and committed violations that helped Quyet illegally earn a huge amount of money. She was sentenced to 11 years and six months in prison for “appropriation of property by fraud” and 30 months for stock market manipulation, resulting in a combined sentence of 14 years. The court ordered her to pay VND 251 billion ($10.7 million) in compensation.
Another sister of Quyet, Trinh Thi Thuy Nga, received a six-year sentence for “appropriation of property by fraud” and two years for stock market manipulation, serving a total of eight years in prison. The court ordered her to pay VND 83 billion ($3.5 million) in compensation.
T.Nhung
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The FLC CEO’s Escape: How did he assist Trinh Van Quyet in fraud?
As the CEO and Chairman of Faros Construction Corporation, Doan Van Phuong, the defendant, instructed the members of the Board of Directors and the Executive Committee to issue a resolution to increase the charter capital and set up a fraudulent capital contribution dossier. The purpose was to assist Trinh Van Quyet in selling shares to misappropriate over 3,620 billion VND from investors in the stock market.
