On August 5, the Hanoi People’s Court announced the first-instance verdict for former FLC Chairman Trinh Van Quyet and 49 other defendants 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 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 team at the procurement department of FLC Land Joint Stock Company (Trinh Van Quyet’s brother-in-law and Trinh Thuy Nga’s husband), received a 1-year sentence for stock manipulation and 5 years for fraud, totaling 6 years.
Trinh Tuan, former director of FLC Land Joint Stock Company (Trinh Van Quyet’s nephew), 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 Joint Stock Company, was sentenced to 2 years in prison.
Chu Tien Vuong, former permanent vice chairman of BOS Securities Joint Stock Company, received a 2-year sentence.
Nguyen Thi Thanh Phuong, former head of securities services division at BOS Securities Joint Stock Company, was sentenced to 20 months in prison.
Bui Ngoc Tu, former deputy head of securities services division at BOS Securities Joint Stock Company, received a 20-month sentence.
Nguyen Thi Thu Thom, former deputy head of securities services division at BOS Securities Joint Stock Company, was sentenced to 20 months.
Quach Thi Xuan Thu, former chief accountant of BOS Securities Joint Stock Company, received a 16-month sentence.
Tran Thi Lan, former chief accountant of BOS Securities Joint Stock Company, was sentenced to 16 months in prison.
Trinh Van Nam, former employee of Tre Viet Aviation Joint Stock Company (Trinh Van Quyet’s nephew and son of defendant Trinh Van Dai), received a suspended sentence of 15 months.
Trinh Thi Thanh Huyen, former employee of FLC Homes Joint Stock Company (Trinh Van Quyet’s cousin), was sentenced to 15 months, suspended.
Nguyen Thi Nga, former employee of FLC Group’s accounting department (Trinh Van Quyet’s niece), received a suspended sentence of 15 months.
Hoang Thi Hue, former employee of FLC Digital Services Joint Stock Company (Trinh Van Quyet’s niece), was sentenced to 15 months, suspended.
Do Thi Huyen Trang, former deputy head of accounting department at FLC Group (Trinh Van Quyet’s niece), received a suspended sentence of 15 months.
Nguyen Quang Trung, driver at Ha Thanh General Hospital (Trinh Van Quyet’s brother-in-law), was sentenced to 15 months, suspended.
Convictions for Fraud:
Do Nhu Tuan, former general director of FLC Faros Construction Joint Stock Company, was sentenced to 7 years in prison.
Do Quang Lam, former general director of FLC Faros Construction Joint Stock Company, received a 6-year sentence.
Nguyen Van Thanh, former head of the supervisory board of FLC Faros Construction Joint Stock Company, was sentenced to 7 years.
Dam Mai Huong, former chief accountant of FLC 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 in prison.
Hoang Thi Thu Ha, accountant of FLC Land Limited Liability Company (relative of Trinh Van Quyet), received a sentence of 7 years and 6 months.
Nguyen Tien Dung, former general director of FLC Faros Construction Joint Stock Company (friend of Trinh Van Quyet), was sentenced to 5 years.
Le Thanh Vinh, former chairman of the board of directors of FLC Faros Construction Joint Stock Company, received a 3-year sentence.
Nguyen Thanh Binh, former deputy general director of FLC Group and chairman of RTS Joint Stock Company (Trinh Van Quyet’s hometown friend), was sentenced to 6 years in prison.
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.
Dang Thi Hong, former deputy head of the legal department at 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, was sentenced to 30 months, suspended.
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 administrative staff at BOS Securities Joint Stock Company, was sentenced to 24 months, suspended.
Trinh Thi Ut Xuan, former employee of FLC Digital Services Joint Stock Company, received a suspended sentence of 30 months.
Pham Thanh Huong, former accountant of Sevin Investment Limited Liability Company, was sentenced to 30 months, suspended.
Pham Thi Hai Ninh, former deputy head of investment division at FLC Group, 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 in prison.
Nguyen Ngoc Tinh, former chairman and general director of Hanoi Audit and Accounting Joint Stock Company, received a 6-year sentence.
Le Van Tuan, former auditor at Hanoi Audit and Accounting Joint Stock Company, was sentenced to 5 years and 6 months in prison.
Tran Thi Hanh, former deputy general director of TTP Limited Liability Company, received a 4-year sentence.
Convictions for Abuse of 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 deputy general director and deputy chairman of the listing council of Ho Chi Minh City Stock Exchange, was sentenced to 5 years and 6 months in prison.
Le Thi Tuyet Hang, former director of the listing management and evaluation division and member of the listing council of Ho Chi Minh City Stock Exchange, received a suspended sentence of 30 months.
Convictions for False Information Disclosure or Concealment in Securities Activities:
Le Cong Dien, former head of the public company supervision department under the State Securities Commission, 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 under Vietnam Securities Depository, was sentenced to 18 months, suspended.
With regard to civil liability, the court noted that FLC Faros is still operational, and while its ROS shares are banned from trading on the stock exchange, they still hold value. The loss incurred by investors is related to the inflated share price, which was over 54%. If each share was priced at VND 10,000, Trinh Van Quyet would need to compensate investors more than VND 5,400 per share. The presiding judge also stated that a list of victims and the amount of compensation to be paid had been presented.
Thus far, the defendants, led by Trinh Van Quyet, have paid over VND 260 billion in damages, and the court ordered that this amount be retained to ensure the enforcement of the verdict. Trinh Van Quyet and his sisters are required to continue making payments to fully compensate for the damages; defendants who did not benefit from the crimes are not obliged to pay compensation.
In terms of criminal liability, the court acknowledged that the defendants in this case were cooperative and honest during the investigation process. Notably, in addition to the three biological siblings, namely Trinh Van Quyet, Trinh Thi Minh Hue, and Trinh Thi Thuy Nga, there were many other defendants who were closely related, including parents, children, and spouses. A total of 11 individuals in this case are related by blood or marriage, which the court took into consideration during sentencing.
In another development, prior to the court’s verdict, owners of FLC Ha Long submitted a document to the judicial authorities regarding the verification of assets for damage recovery. More than 120 owners of FLC Ha Long asserted that they had purchased FLC Grand Hotel Ha Long units from FLC Group, which then leased the properties back from them. However, FLC Ha Long breached the contract by failing to pay rent, prompting these individuals to file lawsuits with the People’s Court of Ha Long City and the People’s Court of Quang Ninh Province since 2022.
The owners argued that Trinh Van Quyet’s estimated assets of nearly VND 5,000 billion, which included the sold units of FLC Grand Hotel Ha Long, infringed upon their rights as property owners. They requested a re-evaluation of Trinh Van Quyet’s assets, clearly distinguishing between company-owned properties and those already sold to avoid conflicts of interest with victims and affected parties in other cases.
These individuals also urged the court to impose strict penalties on the defendants involved in the case at FLC Group.
