The High People’s Court in Hanoi reopened the appellate trial of the high-profile case involving securities manipulation and fraudulent appropriation of assets at FLC Group after multiple delays due to Quyet’s reported health issues.

This session is intended to consider appeals filed by Trinh Van Quyet and others involved in the case.

Ahead of the trial, Le Thi Ngoc Diep, Quyet’s wife, paid over 1.4 trillion VND (approximately 55 million USD) to the Hanoi Civil Judgment Enforcement Department to fulfill restitution obligations on behalf of her husband.

Previously, Quyet had made partial restitution. With his wife’s payment, the total amount required to remedy the damages of the case has now been covered.

From early morning, other defendants were escorted to the courthouse, but Trinh Van Quyet was not among them.

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

According to the first-instance verdict, Quyet was identified as the mastermind behind the fraudulent acquisition of Faros Company. He directed the falsified capital contributions, increasing Faros’s registered capital from 1.5 billion VND to 4.3 trillion VND (about 172 million USD), registered it as a public company, and listed its shares on HOSE. He then sold more than 391 million ROS shares derived from the inflated capital to 30,403 investors, misappropriating over 3.6 trillion VND (around 144 million USD).

Quyet also masterminded and directed the creation, management, and use of multiple stock trading accounts. He authorized fictitious funding for accounts managed by Trinh Thi Minh Hue, an FLC accountant, to manipulate five stock codes, gaining illicit profits of over 723 billion VND (about 29 million USD).

At the first-instance hearing, Quyet acknowledged that the case had been a severe life lesson, not only for him but also for the other defendants involved.

He also claimed that the seized personal assets, accumulated over two decades and valued at approximately 4.8 to 5 trillion VND (192 to 200 million USD), could be used to compensate the victims, and he requested favorable conditions for restitution.

Following the verdict, in addition to Quyet and his sisters, 22 other defendants filed appeals, along with 134 victims and 396 individuals with related rights and obligations.

T. Nhung