On June 17th, the Appellate Court inquired about the appeals of the defendants and the victims, as well as related parties, in the case involving the FLC Group.
During this session, defendant Le Van Tuan, a former auditor at Hanoi Audit and Accounting LLC, requested to change his appeal from “requesting a re-examination of his signature and serving a prison sentence equal to the duration of his detention” to “requesting a reduced sentence.”
Defendant Trinh Thi Thuy Nga, the younger sister of Trinh Van Quyen, stated that since she had finished compensating for the damages, she no longer appealed for a reduction in civil liability compensation. “I only request a reduced sentence,” said defendant Nga.
Defendants present at the appellate trial.
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The presiding judge stated that up to this point, the family of defendant Trinh Van Quyen, the former chairman of the FLC Group, had finished compensating for the damages, with an excess of over 22 billion VND.
Additionally, there were 5,000 petitions requesting a reduced sentence for Mr. Quyen from various local government levels in Vinh Phuc, the FLC Group, and related units.
According to the trial panel, in a letter sent to the court, Mrs. Le Thi Ngoc Diep, Mr. Quyen’s wife, asked the court to change the punishment for the crime of “Stock Market Manipulation” to a monetary fine instead of imprisonment.
For the crime of “Fraudulent Appropriation of Property,” she requested that her husband’s sentence be reduced to the duration of his detention.
 Defendant Trinh Thi Minh Hue. |
In court, Mr. Quyen’s defense attorney stated that since the compensation for damages had been completed, his client no longer appealed for a reduction in civil liability compensation…
Previously, the trial panel announced that Mr. Quyen suffered from multiple underlying health conditions, including breathing difficulties, high blood pressure, pulmonary arterial hypertension, bilateral edema, and reduced left kidney function. He required oxygen therapy and faced a high risk of mortality.
The original verdict accused Mr. Trinh Van Quyen of instructing his younger sister, Trinh Thi Minh Hue, and their accomplices to manipulate the stock market for five stocks: AMD, HAI, GAB, FLC, and ART, from 2017 to 2022, resulting in illegal profits of over 700 billion VND.
The indictment also charged that, from 2014 to 2016, the shareholders contributed nearly 1,200 billion VND to the charter capital of Faros Construction JSC. However, defendant Quyen signed blank documents and created fictitious capital contribution records to inflate the company’s capital to over 4,300 billion VND.
 Defendant Trinh Thi Thuy Nga.
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Subsequently, the defendants requested to list 430 million ROS shares of Faros Company on HOSE to sell and appropriate money from investors.
In this case, the leaders and officials of the State Securities Commission and the Ho Chi Minh City Stock Exchange (HOSE) were accused of facilitating the listing of ROS shares on the exchange due to their acquaintance with Trinh Van Quyen.
At the first-instance trial, in addition to the prison sentence, Mr. Quyen and his sister, Trinh Thi Minh Hue, were ordered to compensate the victims and related parties a total of over 1,521 billion VND in proportion to their liability: Mr. Quyen 90% and Ms. Hue 10%, for the crime of fraudulent sale of ROS shares.
For the crime of stock market manipulation, the three siblings, Trinh Van Quyen, Trinh Thi Minh Hue, and Trinh Thi Thuy Nga, were jointly and severally liable to pay the state budget the illegal profits of 683 billion VND. Mr. Quyen was ordered to pay 500 billion VND, Ms. Hue 100 billion VND, and Ms. Nga over 83 billion VND.
Hoang An
– 5:18 PM, June 17, 2025
The Legacy of a Former Chairman: The Trịnh Văn Quyết Family Contributes an Additional 24.5 Billion VND
The legal representative of Mr. Trinh Van Quyet presented a bank statement confirming a balance of 24.5 billion VND. Accompanying this was a commitment letter from the account holder, expressing their willingness to comply with any orders from the judging panel to freeze the said amount.
A Former FLC Chairman’s Family Pays an Additional VND 24.5 Billion
According to information disclosed in court, the lawyer revealed that in the morning of June 18, the family of former FLC Group Chairman Trinh Van Quyet deposited an additional 24.5 billion VND into a bank account. This additional payment is intended to guarantee the obligation to pay the fine in case Mr. Quyet and the defendants are granted by the court to convert the prison sentence into a monetary penalty for the crime of “Manipulating the securities market.”
“FLC Corporation’s Former ‘Second-in-Command’: Nominal Head of Companies, Claims ‘No Management or Operational Involvement’”
“Responding to the appeal trial’s interrogation, Ms. Huong Tran Kieu Dung, the former Vice Chairwoman of FLC Group, asserted that her actions in the case were not decisive. However, she believed that the primary court’s sentencing was excessively harsh.”
“The Billionaire’s Surplus: A Tale of Excess”
The presiding judge announced that the defendant, Trinh Van Quyet, and his two sisters had overpaid their obligations by over VND 20 billion compared to the sentence declared in the first-instance trial. The judge noted that if a fine were to be imposed as a hypothetical scenario, the maximum amount for manipulating the stock market, according to Clause 2, Article 211 of the Penal Code, would be VND 4 billion, and Mr. Quyet has more than sufficient funds to cover this amount.
Appeal Trial of Trinh Van Quyet and His Accomplices Expected to Last Five Days
The appeal trial of Trinh Van Quyet, former Chairman of the FLC Group, and his accomplices is expected to last for five days.
