On June 18, the Hanoi High-Level People’s Court continued the appellate trial of a case involving stock market manipulation and fraud. While there were 25 defendants who filed appeals, the appellate court summoned all 50 defendants to the trial.
During the examination, Mr. Le Hai Tra, former General Director of Ho Chi Minh City Stock Exchange (HOSE), who was sentenced to five years in prison by the first-instance court, pleaded for a reduced sentence. Mr. Tra requested the appellate court to consider the context of the crime and his limited duties and authority.
Mr. Tra mentioned his involvement in charitable activities and contributions to funds for the poor. He also highlighted that his grandfather was awarded the First-Class Resistance War Order, and his father was a pre-August Revolution revolutionary cadre. Additionally, Mr. Tra received pleas for leniency from HOSE staff, several financial and securities companies, and numerous individuals.
Mr. Le Hai Tra in court. Photo: VT |
The judge noted that Mr. Tra was convicted under Clause 3, Article 356, which carries a penalty range of 10 to 15 years in prison, but he was only sentenced to five years by the first-instance court. As Mr. Tra is still seeking a reduced sentence, the appellate panel will consider his request if there are valid grounds.
In this case, Tran Dac Sinh, former Chairman of HOSE, was also convicted under Clause 3, Article 356 and received a sentence below the minimum prescribed by law, at six and a half years in prison. Mr. Sinh did not file an appeal but also petitioned for a reduced sentence. The presiding judge announced new circumstances for Mr. Sinh, including a petition for leniency from HOSE staff and a letter from HOSE requesting a reduced sentence for him.
Regarding the victims, nine individuals present at the trial confirmed that they did not appeal the sentences or the compensation responsibility of the 25 defendants who filed appeals.
One related individual stated that he owned 466,000 Faros shares but was not included on the list of related persons. He requested the court to establish his litigant status and sought compensation.
During the afternoon session on June 18, the lawyer for Trinh Van Quyet, former Chairman of FLC Group, informed the court that Mr. Quyet’s family had transferred an additional 24.5 billion VND to the bank account to ensure payment of the fine in case Mr. Quyet and the defendants were allowed to switch from imprisonment to a fine for stock market manipulation.
The lawyer recalled the presiding judge’s statement from the previous trial, mentioning that Mr. Quyet had remedied the entire damage of nearly VND 2,500 billion and had overpaid by more than VND 20 billion. Mr. Quyet’s family wishes to use this overpaid amount to pay the fine if he is granted a switch from imprisonment to a fine.
According to the lawyer, if there is still a surplus after paying the fine for Mr. Quyet, the remaining amount will be used to pay the fines for other defendants if they are also granted a switch from imprisonment to a fine. If the surplus is still remaining, the family requests that it be contributed to the state budget.
In the event that the surplus of over VND 20 billion is insufficient to pay the fines, Mr. Quyet’s family is prepared to use the additional amount of VND 24.5 billion that they have just deposited to fulfill this obligation.
Mr. Quyet’s lawyer also presented a document confirming the account balance of VND 24.5 billion and a commitment from the account holder stating their readiness to freeze the amount as per the court’s decision.
T.Nhung
– 4:40 PM, June 18, 2025
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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.
