After several postponements, the High People’s Court in Hanoi has decided to reopen the appeal trial of Trinh Van Quyet, former Chairman of the FLC Group, and others involved in a high-profile securities and fraud case. The hearing is scheduled to begin on June 17.

The appeal trial, related to the charges of “stock market manipulation” and “fraudulent appropriation of assets” at FLC Group, is expected to run for five days, from June 17 to 21, 2025. Judge Vo Hong Son will preside over the proceedings.

The court has summoned all 50 defendants for this session. In total, 25 defendants have appealed, along with 134 victims and 396 individuals with related interests. Nearly 50 lawyers are involved, including five representing Trinh Van Quyet.

At the first-instance trial in August 2024, the Hanoi People’s Court sentenced Trinh Van Quyet to 21 years in prison for securities fraud and market manipulation. His sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, received sentences of 14 and 8 years, respectively.

Following the verdict, the three siblings filed appeals requesting reduced sentences. In addition, 135 victims and 384 affected parties appealed for a reassessment of the compensation amounts and certain conclusions of the initial judgment.

In December 2024, the High People’s Court in Hanoi began hearing the appeals but adjourned due to Quyet’s deteriorating health. His petition stated he was suffering from malignant tuberculosis, drug-induced complications including coughing blood, hepatitis, gastritis, and acute kidney failure. His full medical records were submitted with the request.

Quyet also urged the appellate court to consider Resolution No. 164/2024/QH15, effective January 1, 2025, which allows for pilot measures in handling evidence and assets in criminal proceedings. He proposed that the court authorize the sale and transfer of assets to raise funds for compensation.

The appeal trial was once again opened on March 25 but postponed shortly after. At the session, Quyet’s lawyer cited severe health issues, including breathing difficulties, high mortality risk, and a need for continuous oxygen support. His treatment included non-invasive ventilators and anti-allergy medication.

The legal team also requested additional time for the family to gather funds to fulfill compensation obligations.

Details of the original verdict

According to the first-instance ruling, Trinh Van Quyet was identified as the mastermind behind the fraudulent acquisition of Faros Construction JSC. He directed the falsification of capital contributions, inflating Faros' capital from VND1.5 billion (approximately $59,000) to VND4.3 trillion (approximately $170 million). These figures were used to register Faros as a public company and list its shares (ROS) on the HOSE stock exchange.

More than 391 million ROS shares were sold to 30,403 investors, generating over VND3.6 trillion (approximately $143 million) in illegal gains.

Quyet also led the manipulation of five stock codes by directing the opening and operation of securities accounts, allocating false funds, and instructing his sister Trinh Thi Minh Hue, FLC’s accountant, to carry out the scheme. This activity generated more than VND723 billion (approximately $28.5 million) in illicit profits.

T. Nhung