Mr. Trinh Van Quyet was proposed to be sentenced to 24-26 years in prison.

On the afternoon of July 26, at the Hanoi People's Court, the Procuracy announced the indictment, after 4 days of trial of former FLC Chairman Trinh Van Quyet and 49 accomplices.

Former FLC Chairman Trinh Van Quyet, 49 years old, was proposed by the People's Procuracy to be sentenced to 19-20 years in prison for the crime of Fraudulent appropriation of property. and 5-6 years for Stock Market Manipulation. The proposed combined sentence is 24-26 years in prison.

Mr. Quyet's two sisters were prosecuted for both crimes, in which Trinh Thi Minh Hue, an officer of the FLC Group's Accounting Department, was proposed to be sentenced to a total of 17-19 years in prison and Trinh Thi Thuy Nga, Deputy General Director of BOS Securities Company, was proposed to be sentenced to 10-12 years.

Ms. Hue was assessed by the Procuracy as "the most active" and assisted her brother in both crimes. Ms. Hue directly received instructions from her brother to commit or re-direct other defendants to commit the crimes. Ms. Nga "actively performed" as an accomplice, actively assisting the mastermind.

Crime of Disclosing false information or concealing information in securities activities,Mr. Le Cong Dien, former Head of the Department of Public Company Supervision under the State Securities Commission, was proposed to be sentenced to 36-42 months; Duong Van Thanh, former General Director of the Vietnam Securities Depository, 24-30 months and Pham Trung Minh, former Head of the Securities Registration Department under the Vietnam Securities Depository, 18-24 months.

These three former officials were accused of "knowing" that Faros's profile did not have enough basis to determine its capital of VND4,300 billion, but still accepted it as a public company, registered 430 million ROS shares, and posted this false information on the stock market, causing more than 30,000 investors to buy and suffer a loss of VND3,621 billion.

For four former officials of the HoSE who were prosecuted for Abusing their positions and powers while performing official duties, the People's Procuracy proposed a sentence of 8-9 years in prison for Mr. Tran Dac Sinh, former Chairman of the Board of Directors of the Ho Chi Minh City Stock Exchange (HOSE); 6-7 years for Mr. Le Hai Tra, former permanent deputy general director of the Ho Chi Minh City Stock Exchange and Tram Tuan Vu, former deputy general director of the Ho Chi Minh City Stock Exchange; 3-4 years in prison for Ms. Le Thi Tuyet Hang, Director of the Listing Management and Appraisal Department, Ho Chi Minh City Stock Exchange.

They were accused of knowing clearly about the irregularities in Faros's VND4,300 billion capital, but because Mr. Sinh "had a relationship" with Mr. Quyet, they agreed to list 430 million ROS shares on the HoSE illegally.

Regarding civil matters, the People's Procuracy recommended continuing to maintain measures to seize and freeze the defendants' assets to ensure execution of the judgment. Mr. Quyet is primarily responsible for compensating for damages, and the seven accomplices accused of both crimes, like him, must be jointly responsible.

The indictment assessed that most of the defendants were qualified, "some influential, decisive, and knowledgeable about the stock market" who directed companies in the FLC ecosystem and the leaders of these companies to commit illegal acts. The violations in the case have adversely affected the stock investment environment, negatively impacted and weakened the psychology of domestic and foreign investors, and significantly affected the attraction of investment capital.

"In particular, in this case, the defendant Trinh Van Quyet's actions were new and very sophisticated, taking advantage of loopholes in the law, using Faros company as a tool and HoSE floor as a means" to appropriate an exceptionally large amount of money, more than 4,300 billion VND, the indictment stated.

The Procuracy acknowledged Mr. Quyet's "positive attitude of cooperation and desire to remedy the consequences", but in reality, the prosecution agency only had grounds to determine that the defendant had recovered more than 200 billion VND, and the other defendants more than 6 billion VND. "The total amount is insignificant compared to the damage caused by the defendants' actions", so the punishment needs to be severe.

The People's Procuracy proposed that the Trial Council ban the defendants involved in stock market manipulation from practicing for 3-5 years in the securities field.

During the three days of questioning, Mr. Quyet was quarantined while the remaining 49 people gave statements. The subordinates and brothers of former Chairman Quyet all confessed to acting under his direction and influence. The two sisters Hue and Nga said they followed their brother's lead, were family members but did not benefit from anything, and were only paid as employees.

Meanwhile, 7 former officials of the State Securities Commission, the Securities Depository Center and the Ho Chi Minh City Stock Exchange (HoSE) confessed that they knew about Mr. Quyet's company's violations and tried to warn and prevent them, but were unsuccessful.

In his final and quickest statement, in about 7 minutes, Mr. Quyet repeated the sentence "the indictment was correct, the defendant accepts it" more than 10 times, then refused to answer most of the lawyers' questions, except for his defense attorney. The former FLC chairman affirmed that he had no intention of fraud.

Regarding the plan to remedy the consequences, Mr. Quyet said that from prison he was "always concerned" about finding a way to pay the full 4,300 billion VND of the consequences of the case. The prosecution agency recorded that he had paid nearly 240 billion VND, equivalent to 5.5% of the damage caused by the case.

Mr. Quyet estimated his personal assets to be nearly 5,000 billion VND, mainly from the sale of Bamboo Airways and 30% of shares in FLC Group, but they have not been sold.

Nearly 100,000 investors, including victims and related parties, were summoned by the court, but only 5 people showed up to express their opinions. They were divided into two groups: asking for Mr. Quyet's sentence to be reduced so that Faros can be rebuilt soon, and for those who bought shares to continue investing and accompanying. The rest wanted compensation.

The trial continues with the defense lawyers.