On June 18, the Hanoi High-Level People’s Court continued the appellate trial of Trinh Van Quyet, former chairman of the FLC Group, and his accomplices in the case of “Fraudulent Appropriation of Property and Stock Market Manipulation.”
According to the prosecution, defendant Trinh Van Quyet played a leading role in the case. However, the defendant has shown remorse, made a full confession, and actively mitigated the consequences of the crime. 116 victims confirmed that they had received compensation and requested leniency for defendant Quyet.
Additionally, the defendant has paid 1,884 billion VND in compensation, exceeding the 1,860 billion VND ordered by the first-instance court. The defendant’s family has made revolutionary contributions… The defendant has poor health, suffering from kidney disease, drug allergies, and other ailments. He has received pleas for leniency from the victims, FLC staff and partners, as well as various agencies and organizations.
Therefore, the prosecutor proposed that the court partially accept the appeal of the defendant Trinh Van Quyet, reduce his punishment, and sentence him to 7-8 years in prison for “Fraudulent Appropriation of Property.” The prosecutor also suggested imposing a monetary penalty as a substitute for imprisonment for the crime of “Stock Market Manipulation,” with a fine of 4 billion VND.
For Quyet’s two sisters, the prosecutor recommended a reduced sentence of 4 years and 6 months to 5 years in prison for “Fraudulent Appropriation of Property” for Trinh Thi Minh Hue, and a monetary penalty instead of imprisonment for “Stock Market Manipulation,” with a fine of 3.5 billion VND.
For the defendant Trinh Thi Thuy Nga, the prosecutor suggested a sentence of 3 years and 6 months to 4 years in prison for “Fraudulent Appropriation of Property” and a monetary penalty instead of imprisonment for “Stock Market Manipulation,” with a fine of 3 billion VND.
For the defendant, Huong Tran Kieu Dung, former vice chairman of the FLC Group, the prosecutor recommended a sentence of 3 years and 6 months to 4 years in prison for “Fraudulent Appropriation of Property.” For the crime of “Stock Market Manipulation,” the prosecutor proposed a shift from imprisonment to a monetary penalty of 3 billion VND.
According to the first-instance verdict, defendant Quyet was sentenced to 21 years in prison for the above two crimes. Defendants Hue and Nga were sentenced to 14 years and 8 years in prison, respectively. Defendant Dung received a sentence of 8 years and 6 months in prison.
Quyet’s defense attorney, lawyer Nguyen Trong Nghia, conveyed his client’s apology to the investors. The lawyer argued that the case occurred during a time when the law in this field was not yet fully developed and comprehensive.
“In the conclusion of the investigation, the investigating agency had to make numerous recommendations to address the shortcomings in the legal provisions, such as proposing amendments to prohibit enterprises from entrusting investments with the company’s capital to individuals who are shareholders of that enterprise or individuals or organizations related to the enterprise’s shareholders; proposing amendments and supplements to clarify and specify the time limit for capital contribution by shareholders in cases where enterprises increase capital…
According to Article 211 of the Penal Code, persons convicted of “Stock Market Manipulation” and prosecuted under paragraphs 1 and 2 may be subject to monetary penalties ranging from 50 million VND to 2 billion VND and from 2 billion VND to 4 billion VND, respectively.
Therefore, the lawyer also hoped that the appellate court would consider the causes, conditions, and circumstances of the crime and propose a prison sentence equal to the time spent in temporary detention for the crime of “Fraudulent Appropriation of Property.”
The group of lawyers defending Nga and Dung requested the court to consider the defendants’ faint and insignificant roles in the case and apply a humane and lenient criminal policy.
The lawyers mentioned that at the court, Pham Tu Anh, a relative of some defendants, submitted a request and commitment to use 24.5 billion VND to pay the fines for 15 defendants. This was accompanied by a confirmation of the account balance of 24.5 billion VND and a request to the bank to temporarily block the account to ensure that this amount would only be used for the purpose of executing the monetary penalty upon the court’s decision.
“In addition, defendants Quyet and Nga are currently paying an excess of 22 billion VND at the Hanoi Civil Judgment Enforcement Agency. Thus, the total amount that can be used to ensure the execution of monetary penalties for 15 defendants is 46.5 billion VND, providing a practical and clear basis to affirm that the defendants are fully capable of executing the monetary penalties if the Court of Appeal considers applying them,” the lawyer added.
“Proposed Monetary Penalty for Stock Market Manipulation”
The prosecution has requested that the court accept a partial appeal from the defendant, Trinh Van Quyet, and reduce his sentence for fraud. They have recommended a prison term of 7 to 8 years for the offense of fraud and a monetary penalty in place of imprisonment for the offense of stock market manipulation, resulting in a fine of 4 billion dong.
A Billionaire Family Overcompensates in Civil Liability Settlement, Returning Over $946,000.
“In her petition to the court, Le Thi Ngoc Diep pleaded for a fine instead of a prison sentence for Trinh Van Quyet for the charge of ‘Manipulating the securities market’. For the charge of ‘Fraudulent appropriation of property’, she requested that the court reduce her husband’s sentence to time served.”
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.
“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.
