At 2 pm today, August 5th, the Hanoi People’s Court sentenced former FLC Chairman Trinh Van Quyet and 49 accomplices in a fraud and stock manipulation case.
Defendant Trinh Van Quyet (far left) and his accomplices in the case. Photo: Nam Anh
During the trial, the Hanoi People’s Procuracy proposed a sentence of 24-26 years in prison for Trinh Van Quyet on two charges. His two sisters, defendants Trinh Thi Minh Hue and Trinh Thi Thuy Nga, were proposed sentences of 17-19 years and 10-12 years in prison, respectively. Quyet was also held primarily responsible for civil compensation.
The Procuracy also proposed sentences for other defendants: Tran Dac Sinh, former Chairman of the Ho Chi Minh City Stock Exchange, 8-9 years in prison; Le Hai Tra, former member of the Board of Directors and Standing Vice Chairman of Ho Chi Minh City Stock Exchange, 6-7 years in prison; Tram Tuan Vu, former Vice Chairman of Ho Chi Minh City Stock Exchange, 6-7 years in prison; and Le Thi Tuyet Hang, former Director of the Management and Listing Department and member of the Listing Council of Ho Chi Minh City Stock Exchange, 3-4 years in prison. They were charged with “Abusing position and authority while performing official duties.”
Le Cong Dien, former head of the Public Company Supervision Department of the State Securities Commission, was proposed a sentence of 36-42 months in prison, and Duong Van Thanh, former General Director of the Vietnam Securities Depository Center, was proposed a sentence of 24-30 months in prison. They were both charged with “Providing false information or concealing information in securities activities.” Other defendants faced proposed sentences ranging from 18 months to 13 years in prison.
According to the Procuracy, the stock market is an effective investment channel for people and an efficient capital mobilization tool for businesses. However, in this case, the defendants have “affected the trust of hundreds of thousands of domestic and foreign investors.”
Defendant Trinh Van Quyet and some of his accomplices were found to have a good understanding of the stock market but still directed and instructed others to act against regulations, abusing the stock market for illegal gains. Additionally, some defendants in the case, who had a strong background in finance and securities, created loopholes for Quyet’s group to exploit and commit crimes in this field.
The actions of the defendants undermined the state management’s effectiveness, caused public outrage, and eroded investors’ confidence. As a result, many investors lost VND 684 billion due to stock manipulation and more than VND 3,600 billion due to fraud.
The Procuracy also acknowledged mitigating circumstances, including sincere confessions and remorse. In the case of Trinh Van Quyet, the Procuracy noted his efforts to compensate for the damage, his good personal background, his family’s revolutionary contributions, and his participation in community and social welfare activities.
During previous working sessions, defendant Quyet claimed to have sold Bamboo Airways for VND 700 billion to redress the damage but still owed VND 500 billion. He requested the court to facilitate the sale of a 30% stake in the “billion-dollar group” FLC to pay the victims. However, the prosecutor stated that as of now, only VND 200 billion in cash has been recorded, which is “modest” compared to the VND 4,300 billion needed for compensation.
At the trial, the defendants admitted that the indictment was consistent with their criminal acts. They pleaded for leniency so that they could soon return to society and start anew.
In his final statement, former FLC Chairman Trinh Van Quyet apologized to the victims and requested the court to reduce the sentences for his subordinates. He expressed deep regret for his actions and stated that this case served as a lesson for the rest of his life.
Reflecting on his career, the former FLC chairman shared his ambition to develop golf courses, resorts, and the aviation industry. However, he acknowledged that his grand vision led him to make decisions that exceeded his limits and violated the law.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
