The family of Trinh Van Quyet, former Chairman of FLC Group, has deposited an additional VND 24.5 billion (approximately USD 960,000) in a bank account to guarantee payment of fines in the event the court converts his prison sentence to a financial penalty in the ongoing stock market manipulation trial.

On June 18, the Hanoi High People's Court continued the appellate hearing of the high-profile case involving charges of securities manipulation and fraudulent appropriation of assets. The case involves 25 appellants among a total of 50 defendants.

During the session, lawyer for defendant Quyet presented bank documentation verifying the account balance of VND 24.5 billion and a written commitment from the account holder stating their willingness to comply with any freeze order issued by the court.

According to the lawyer, Quyet's family intends this amount to be used for fine payments if the court grants leniency and reduces his custodial sentence to a monetary penalty. It was also confirmed that Quyet had already overpaid restitution by more than VND 20 billion (USD 780,000) after fully compensating nearly VND 2.5 trillion (USD 97 million) in damages.

If the VND 20 billion surplus is insufficient to cover fines, the newly deposited funds will be used. Should there be any excess after all fines are paid, the family has proposed contributing the remainder to the state treasury.

Other developments in court

The court also reviewed appeals from other high-profile defendants. Former HOSE CEO Le Hai Tra, sentenced to 5 years in prison, appealed for a reduced sentence, citing his limited responsibilities and personal background, including charitable activities and family members honored for revolutionary contributions.

Despite being convicted under Clause 3, Article 356 of the Penal Code - which carries a sentence of 10–15 years - Tra received a reduced sentence of 5 years in the lower court. The appellate court is now reassessing his request for mitigation.

Meanwhile, Tran Dac Sinh, former Chairman of HOSE, received a 6.5-year sentence under the same charge. Though not appealing the verdict, he submitted a petition for leniency supported by letters from HOSE staff and leadership.

Nine victims present at the trial confirmed they had not appealed either the sentences or the compensation decisions involving the 25 appellants.

Additionally, an individual claiming ownership of 466,000 Faros shares requested the court to recognize his legal standing in the case and award appropriate compensation.

T. Nhung