On August 5, the Hanoi People’s Court announced the first-instance verdict for former FLC Chairman Trinh Van Quyet and 49 accomplices in a fraud and stock manipulation case that took place at the FLC Group.
Convictions for Stock Manipulation and Fraud:
Trinh Van Quyet, former FLC Group chairman, was sentenced to 3 years for stock manipulation and 18 years for fraud, totaling 21 years in prison.
Trinh Thi Minh Hue, former FLC Group accounting department staff (Trinh Van Quyet’s younger sister), received 30 months for stock manipulation and 11 years and 6 months for fraud, totaling 14 years.
Trinh Thi Thuy Nga, former deputy general director of BOS Securities Company (Trinh Van Quyet’s younger sister), was sentenced to 8 years for stock manipulation and 2 years for fraud, totaling 8 years.
Huong Tran Kieu Dung, former permanent vice chairwoman of the FLC Group’s board of directors, received a 2-year sentence for stock manipulation and 6 years and 6 months for fraud, totaling 8 years and 6 months.
Trinh Van Dai, former deputy general director of FLC Faros Construction Joint Stock Company (Trinh Van Quyet’s cousin), was sentenced to 1 year for stock manipulation and 10 years for fraud, totaling 11 years.
Nguyen Van Manh, former head of the equipment group of the procurement department at FLC Land Company (Trinh Van Quyet’s brother-in-law and husband of Trinh Thuy Nga), received a 1-year sentence for stock manipulation and 5 years for fraud, totaling 6 years.
Trinh Tuan, former director of FLC Land Company (Trinh Van Quyet’s cousin), was sentenced to 18 months for stock manipulation and 5 years for fraud, totaling 6 years.
Nguyen Thi Hong Dung (wife of Nguyen Quang Trung, relative of Trinh Van Quyet), received an 18-month sentence for stock manipulation and 30 months for fraud, totaling 48 months.
Trinh Van Quyet sentenced to 21 years in prison.
Convictions for Stock Manipulation:
Nguyen Quynh Anh, former general director of BOS Securities Company, was sentenced to 2 years in prison.
Chu Tien Vuong, former permanent vice chairman of BOS Securities Company, received a 2-year sentence.
Nguyen Thi Thanh Phuong, former head of BOS Securities Company’s securities services department, was sentenced to 20 months in prison.
Bui Ngoc Tu, former deputy head of BOS Securities Company’s securities services department, received a 20-month sentence.
Nguyen Thi Thu Thom, former deputy head of BOS Securities Company’s securities services department, was sentenced to 20 months.
Quach Thi Xuan Thu, former chief accountant of BOS Securities Company, received a 16-month sentence.
Tran Thi Lan, former chief accountant of BOS Securities Company, was sentenced to 16 months in prison.
Trinh Van Nam, former employee of Tre Viet Aviation Joint Stock Company (Trinh Van Dai’s son and Trinh Van Quyet’s nephew), received a suspended sentence of 15 months.
Trinh Thi Thanh Huyen, former employee of FLC Homes Company (Trinh Van Quyet’s cousin), received a suspended sentence of 15 months. 18. Nguyen Thi Nga, former FLC Group accounting department staff (Trinh Van Quyet’s niece), was given a suspended sentence of 15 months.
Hoang Thi Hue, former employee of FLC Digital Commerce and Services Company (Trinh Van Quyet’s niece), received a suspended sentence of 15 months.
Do Thi Huyen Trang, former deputy head of FLC Group’s accounting department (Trinh Van Quyet’s niece), was given a suspended sentence of 15 months.
Nguyen Quang Trung, driver at Ha Thanh Polyclinic (Trinh Van Quyet’s brother-in-law), received a suspended sentence of 15 months.
Convictions for Fraud:
Do Nhu Tuan, former general director of Faros Construction Joint Stock Company, was sentenced to 7 years in prison.
Do Quang Lam, former general director of Faros Construction Joint Stock Company, received a 6-year sentence.
Nguyen Van Thanh, former head of the inspection board of Faros Construction Joint Stock Company, was sentenced to 7 years.
Dam Mai Huong, former chief accountant of Faros Construction Joint Stock Company, received a 3-year sentence.
Nguyen Binh Phuong, former chairman of the board of directors of FLC Faros Construction Joint Stock Company, was sentenced to 5 years.
Hoang Thi Thu Ha, accountant of FLC Land One-Member Limited Liability Company (Trinh Van Quyet’s relative), received a sentence of 7 years and 6 months.
Nguyen Tien Dung, former general director of Faros Construction Joint Stock Company (Trinh Van Quyet’s friend), was sentenced to 5 years.
Le Thanh Vinh, former chairman of the board of directors of Faros Construction Joint Stock Company, received a 3-year sentence.
Nguyen Thanh Binh, former deputy general director of FLC Group and chairman of RTS Company (Trinh Van Quyet’s hometown friend), was sentenced to 6 years.
Le Tan Son, former deputy head of the office and secretary of the board of directors of FLC Group, received a 3-year sentence.
Tran The Anh, former deputy general director of FLC Group, was sentenced to 3 years in prison.
Dang Thi Hong, former deputy head of the legal department of FLC Group, received a suspended sentence of 30 months.
Le Van Sac, former chairman of the board of directors of Alaska Real Estate Investment Joint Stock Company and director of FLC Land Company, was given a suspended sentence of 30 months.
Truong Van Tai, former employee of FLC Group’s office (Trinh Van Quyet’s driver), received a suspended sentence of 30 months.
Nguyen Minh Diem, former BOS Securities Company administrative staff, was sentenced to 24 months’ probation.
Trinh Thi Ut Xuan, former employee of FLC Digital Services Company, received a suspended sentence of 30 months.
Pham Thanh Huong, former accountant of Sevin Investment Limited Liability Company, was given a suspended sentence of 30 months.
Pham Thi Hai Ninh, former FLC Group investment department deputy head, received a suspended sentence of 30 months.
Nguyen Thien Phu, former deputy general director and chief accountant of FLC Faros Construction Joint Stock Company, was sentenced to 5 years.
Nguyen Ngoc Tinh, former chairman and general director of Hanoi Audit and Accounting Company, was sentenced to 6 years.
Le Van Tuan, former auditor of Hanoi Audit and Accounting Company, received a sentence of 5 years and 6 months.
Tran Thi Hanh, former deputy general director of TTP Audit Limited Liability Company, was sentenced to 4 years in prison.
Conviction for Abuse of Position and Power:
Tran Dac Sinh, former chairman of the board of directors of Ho Chi Minh City Stock Exchange, was sentenced to 6 years and 6 months in prison.
Le Hai Tra, former member of the board of directors, permanent vice general director, and independent member of the listing council of Ho Chi Minh City Stock Exchange, received a 5-year sentence.
Tram Tuan Vu, former vice general director and vice chairman of the listing council of Ho Chi Minh City Stock Exchange, was sentenced to 5 years and 6 months.
Le Thi Tuyet Hang, former director of the listing management and evaluation department and member of the listing council of Ho Chi Minh City Stock Exchange, received a suspended sentence of 30 months.
Conviction for False Information Disclosure or Concealment in Securities Activities:
Le Cong Dien, former head of the public company supervision department of the State Securities Commission of Vietnam, was sentenced to 3 years in prison.
Duong Van Thanh, former general director of Vietnam Securities Depository, received a suspended sentence of 2 years.
Pham Trung Minh, former head of the securities registration department of Vietnam Securities Depository, was given a suspended sentence of 18 months.
Regarding civil liability, the court noted that Faros Company is still operational, and while ROS stocks are banned from trading on the exchange, they still hold value. The loss to investors was calculated based on the inflated value by Trinh Van Quyet, amounting to over 54%. If each share is valued at VND10,000, then Quyet needs to compensate more than VND5,400 per share. The presiding judge also stated that a list of victims and their corresponding compensation amounts had been presented.
Thus far, the accused, including Quyet, have paid over VND260 billion in damages, and the court ordered this amount to be retained to ensure the enforcement of the verdict. Quyet and his sisters are required to continue paying the remaining damages; accomplices who did not benefit from the crimes are not subject to compensation.
In terms of criminal liability, the court acknowledged the defendants’ cooperation during the investigation process and their honesty in court. Notably, in addition to the three biological siblings of Trinh Van Quyet, there were many other defendants who were related by blood or marriage. A total of 11 individuals in this case are relatives, and the court took this into consideration during sentencing.
In another development, prior to the court’s verdict, owners of FLC Ha Long sent a document to the judicial authorities regarding the verification of assets for damage recovery. More than 120 owners of FLC Ha Long submitted the document, stating that they had purchased FLC Grand Hotel Ha Long from FLC Group, which then leased the property back from them. However, FLC Ha Long Company breached the contract by failing to pay rent, prompting these individuals to file a lawsuit against FLC Ha Long Company in the People’s Court of Ha Long City and Quang Ninh Province since 2022.
The document asserted that Trinh Van Quyet’s estimated assets of nearly VND5,000 billion, which included the sold FLC Grand Hotel Ha Long properties, infringed upon the rights and interests of these owners. They requested a thorough verification of Trinh Van Quyet’s assets, clearly distinguishing between company-owned and sold properties to avoid conflicts of interest with victims and affected parties in other cases.
These individuals also urged the court to strictly handle the accused in the case that occurred at the FLC Group.
