On June 7th, in relation to the case of “Fraudulent Appropriation” and “Manipulation of the Securities Market” involving the FLC Group, sources informed Tiền Phong that the defendant, Trinh Van Quyen, former chairman of the FLC Group, along with his two sisters, had paid nearly VND 2,500 billion to redress all damages. In fact, they compensated over VND 10 billion more than required.
In a letter to the appellate court, Mrs. Le Thi Ngoc Diep, Quyen’s wife, stated that their family had demonstrated a sense of responsibility, openness to criticism, and a sincere willingness to make amends. She considered this a heartfelt apology to shareholders, investors, and society.
Notably, not only did Trinh Van Quyen and his sisters pay the full amount of compensation, but the BOS Securities Joint Stock Company, a related legal entity in the case, also fulfilled its obligation to pay the entire amount ordered by the first-instance court. This reflects their clear cooperation and sense of responsibility before the law.
Mr. Trinh Van Quyen
Previously, in August 2024, the Hanoi People’s Court, in the first instance, sentenced Trinh Van Quyen to 21 years in prison for “Fraudulent Appropriation” and “Manipulation of the Securities Market.”
His sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, were also convicted of the same charges and sentenced to 14 years and 8 years in prison, respectively.
Following the first-instance trial, Trinh Van Quyen appealed for a reduction in his prison sentence and a reconsideration of his civil compensation responsibility.
Trinh Thi Minh Hue and Trinh Thi Thuy Nga appealed for leniency in their criminal responsibility, while 22 other defendants appealed for reduced sentences, suspended sentences, and the removal of asset freezes.
Additionally, 135 victims and 384 related individuals appealed to re-determine the compensation amount and review certain aspects of the first-instance verdict.
From May 2017 to January 2022, Trinh Van Quyen instructed his sisters, Hue and Nga, and their accomplices to use the names of employees, relatives, and family members to establish companies, open securities and bank accounts.
The defendants then manipulated the market for five stocks: AMD, HAI, GAB, FLC, and ART. After the stock prices rose, Trinh Van Quyen directed the sale of the stocks, illegally profiting over VND 723 billion.
Furthermore, from 2014 to September 2016, Trinh Van Quyen ordered leaders and employees of Faros Company (stock code ROS), companies within the FLC Group’s ecosystem, and relatives and family members to hold capital contribution shares. They carried out schemes involving the establishment and signing of fictitious capital contribution dossiers, thereby inflating Faros Company’s chartered capital from VND 1.5 billion to VND 4,300 billion.
