Postponement of the trial to create conditions for defendant Trinh Van Quyet to remedy the consequences

On the afternoon of March 25, the High People's Court in Hanoi decided to postpone the appeal trial of the case of "Stock market manipulation" and "Fraudulent appropriation of property" occurring at FLC Group Joint Stock Company (FLC Group).

The trial is scheduled to resume in June 2025.

After discussion and listening to the opinions of the lawyers, defendants, and some victims present at the trial, the Trial Panel found that postponing the trial of Trinh Van Quyet, former Chairman of FLC Group, was necessary to ensure the rights of the victims.

The adjournment of the trial is to give the defendant's family and the defendants time to remedy the consequences of the case for the victim and those with related rights and obligations.

Therefore, after considering the above issues, the Trial Panel decided to adjourn the trial and is expected to reopen in June 2025.

Expressing his opinion, the representative of the Procuracy said that the defendant Trinh Van Quyet was the leader and was primarily responsible for the violations. Although the defendant was in poor health, he tried to help his family recover the large amount of money. Therefore, the Procuracy proposed to postpone the trial one last time, so that if the defendant Quyet was sick or absent next time, the case would be considered and handled accordingly, ensuring the rights of everyone.

In this case, defendant Trinh Van Quyet (former Chairman of FLC Group) appealed for a reduction in his prison sentence and consideration of a reduction in civil compensation liability.

Defendant Quyet's two younger sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, also appealed for a reduction in their criminal responsibility.

Previously, defending defendant Trinh Van Quyet, lawyer Nguyen Trong Nghia (Hanoi Bar Association) said that on March 24, defendant Quyet's wife submitted a petition to the High People's Court in Hanoi, pledging to pay an additional 100 - 200 billion VND this week.

In particular, in May 2025, the family of defendant Trinh Van Quyet pledged to pay to remedy all consequences of the case.

The defense attorney for defendant Trinh Thi Minh Hue expressed her wish that the Trial Council open an asset seizure for Trinh Van Quyet's two younger sisters because they have fully remedied the consequences of the alleged damage.

Before the appeal hearing, former Chairman of FLC Group Trinh Van Quyet submitted a request to be tried in absentia or to postpone the trial due to health reasons. The defendant said that during the treatment for malignant tuberculosis, due to drug allergies, he coughed up blood, had hepatitis, gastritis, and acute kidney failure and was undergoing intensive treatment.

During the procedure, the presiding judge announced that Hospital 19/8 confirmed that defendant Trinh Van Quyet was being treated for malignant tuberculosis, gastritis, and acute kidney failure.

According to the announcement from the presiding judge, the hospital confirmed that defendant Quyet had multiple illnesses at the same time, had to be on a ventilator, had to use oxygen, and was at "high risk of death."

Due to poor health, Mr. Trinh Van Quyet could not appear in court.

Many other defendants and some lawyers also filed requests for trial in absentia. According to the court clerk's notice, five victims filed requests for trial in absentia.

392 people with related rights and obligations filed appeals, of which 127 people filed requests for trial in absentia.

Previously, at the end of December 2024, the High People's Court in Hanoi opened an appeal hearing for the FLC case. However, due to the absence of many defendants and victims, the Trial Panel decided to postpone the hearing. In particular, defendant Trinh Van Quyet submitted a request to be absent due to health reasons.

At the first instance trial in early August 2024, the Hanoi People's Court sentenced defendant Trinh Van Quyet to 18 years in prison for "Fraudulent appropriation of property" and 3 years in prison for "Stock market manipulation", with a total sentence of 21 years in prison.

After the first instance trial, defendant Quyet filed an appeal to reduce criminal liability and civil compensation liability.

At the first instance stage, defendant Trinh Van Quyet was recorded by the prosecution agency to have paid more than 254 billion VND.

After the first instance trial, defendant Quyet's wife paid an additional 203 billion VND to compensate her husband.

On December 19, 2024, Mr. Quyet's wife paid another 150 billion VND. The total amount the former FLC Chairman and his family paid to remedy the consequences is more than 600 billion VND.

The other two defendants in the case, the sisters of defendant Quyet (Trinh Thi Minh Hue and Trinh Thi Thuy Nga), have paid compensation and admitted civil liability as declared in the first instance judgment.

Before the appeal hearing, defendant Trinh Thi Thuy Nga’s family paid 86 billion VND and defendant Trinh Thi Minh Hue paid more than 254 billion VND. In addition, former FLC Chairman Trinh Van Quyet paid an additional 27 billion VND.

Information from the lawyer added that before the appeal hearing, the defendants had remedied all the consequences for 133 victims who were still holding "FLC family" shares from the beginning.

According to the first instance verdict, from May 2017 to January 2022, defendant Trinh Van Quyet directed relatives and subordinates to borrow the names of employees, relatives and family members to prepare documents and procedures to establish companies, open securities accounts and bank accounts.

The defendants then carried out a series of market manipulation acts on 5 stock codes: AMD, HAI, GAB, FLC, ART.

After the stock price increased, Trinh Van Quyet directed the sale of shares, illegally profiting more than 723 billion VND.

In addition, from 2014 to September 2016, Trinh Van Quyet directed the leaders and employees of Faros Company (stock code ROS), companies under FLC Group and relatives to act as shareholders contributing capital, to carry out tricks to create and sign fake capital contribution documents, thereby falsifying the charter capital of Faros Company from 1.5 billion VND to 4,300 billion VND.

Then the defendant Quyet listed and sold shares, appropriating 3,621 billion VND of investors.