Plea for Leniency in Sentencing
This morning (June 17th), the Hanoi-based High-Level People’s Court reconvened for the fourth time to review the appeals for leniency in sentencing filed by Trinh Van Quyet, the former chairman of the FLC Group, who was convicted of “securities manipulation” and “fraudulent appropriation of property.”
In addition to Mr. Quyet, the court also considered appeals from his two sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, who are both employees of the FLC Group, as well as 22 other defendants.
This is the fourth time the appellate court has convened. Previously, the defense lawyers stated that Mr. Quyet was undergoing treatment for pulmonary tuberculosis at Hospital 198 (under the Ministry of Public Security) and that his prognosis was severe, potentially impacting his health and posing a high risk of mortality.
Meanwhile, 134 victims and 396 individuals with related rights and obligations have appealed for the appellate court to reconsider their compensation.
The trial is expected to last five days and will be presided over by Judge Vo Hong Son, alongside judges Nguyen Hai Thanh and Ho Sy Hung. Approximately 50 lawyers have registered to participate in the defense.
Fulfillment of Obligations to Remedy the Consequences
In August 2024, Mr. Trinh Van Quyet was sentenced by the Hanoi People’s Court (at the first instance) to 18 years in prison for “fraudulent appropriation of property” and three years for “securities market manipulation.” His total sentence amounted to 21 years in prison.
Mr. Quyet’s sisters, Hue and Nga, were sentenced to 14 and 8 years in prison, respectively, while Ms. Huong Tran Kieu Dung, the former Vice Chairwoman of the FLC Group, received a sentence of 8 years and 6 months.
In the group of defendants from government agencies, Mr. Tran Dac Sinh, the former Chairman of HOSE, was sentenced to 6 years and 6 months for “abuse of position and authority while performing official duties.” Mr. Le Hai Tra, a former member of the Board of Directors and Standing Vice President of HOSE, received a sentence of 5 years, while Mr. Tram Tuan Vu, the former Vice President and Vice Chairman of the HOSE Listing Council, was sentenced to 5 years and 6 months in prison.
The remaining defendants received sentences ranging from 15 months of probation to 11 years in prison.
In terms of civil obligations, Mr. Trinh Van Quyet was ordered to remedy the consequences amounting to VND 2,470 billion. As of the appellate trial, the former chairman of the FLC Group has fulfilled this obligation.
The first-instance verdict determined that from May 2017 to January 2022, Mr. Trinh Van Quyet directed his sisters, Hue and Nga, and their accomplices to borrow the identities of employees, relatives, and family members to establish companies, open securities accounts, and bank accounts.
Subsequently, the defendants manipulated the market for five stocks: AMD, HAI, GAB, FLC, and ART. After the stock prices rose, Trinh Van Quyet instructed the sale of the stocks, illegally profiting by over VND 723 billion.
Furthermore, from 2014 to September 2016, Trinh Van Quyet directed the leaders and employees of Faros Company (stock code: ROS), companies within the FLC Group’s ecosystem, and relatives and family members to register as shareholders to implement schemes involving the establishment and signing of fictitious capital contribution contracts. As a result, the charter capital of Faros Company was inflated from VND 1.5 billion to VND 4,300 billion.
The defendants in one of the previously adjourned appellate trials.
The first-instance court found that the former chairman of FLC directed the purchase of Faros Company, inflated its capital, listed its shares on the stock exchange, and sold them for illegal profits.
Additionally, Mr. Quyet instructed subordinates to borrow personal identification cards to open securities accounts and place buy and sell orders to create false supply and demand, artificially inflating stock prices and defrauding investors.
The defendants Trinh Thi Minh Hue, Trinh Thi Thuy Nga, and Huong Tran Kieu Dung played a supporting role in these crimes. Among them, Hue was the most active participant, aiding her brother in obtaining illegal benefits.
A Wealthy Family’s Plea: $1 Million Offer to Commute Prison Sentence to Fine
The accused, Trinh Van Quyet, and his family have already paid over VND 20 billion in excess to remedy the consequences of his actions. In a bid to persuade the authorities to commute his prison sentence to a monetary fine, they now offer an additional VND 24.5 billion.
“Mr. Trinh Van Quyet Absent from Court Hearing Due to Poor Health, Facing High Risk of Mortality”
The trial’s presiding judge revealed at today’s opening of the appeal that documents from the prison showed that Mr. Trinh Van Quyet suffers from numerous underlying health conditions, including respiratory problems, hypertension, elevated pulmonary arterial pressure, bilateral edema, and reduced left kidney function. He requires oxygen support and is at a high risk of mortality.
A Wealthy Family’s Legal Troubles: The Trịnh Văn Quyết Clan Overcompensates in Civil Liability, Forfeiting an Additional $22 Million
In her petition to the court, Le Thi Ngoc Diep requested that her husband, Trinh Van Quyet, be given a monetary fine instead of a prison sentence for the charge of “Manipulating the securities market”. For the charge of “Fraudulent appropriation of property”, she pleaded with the court to reduce his sentence to time served.
Over 100 Victims Plead for Leniency for Mr. Trinh Van Quyet
The court stated that 114 out of 134 victims had petitioned for leniency for the accused, Trinh Van Quyet, and his sister, as they had received full compensation for the damages.
Former FLC Chairman Trinh Van Quyet Requests Fine in Lieu of Jail Term
Former FLC Chairman Trinh Van Quyet has petitioned for a monetary penalty in lieu of imprisonment for stock market manipulation.
