Appeal trial of former FLC Chairman Trinh Van Quyet

On March 25, the High People's Court in Hanoi opened an appeal hearing for former FLC Chairman Trinh Van Quyet and 24 defendants who appealed in the case at FLC Group, the Ho Chi Minh City Stock Exchange (HOSE) and the State Securities Commission.

The presiding judge of the trial was Mr. Vo Hong Son. In addition to defendant Trinh Van Quyet, Mr. Quyet's two younger sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, also appealed for a lighter sentence. Before the appeal trial opened, about 40 lawyers registered to defend him. Of these, defendant Trinh Van Quyet alone had 5 lawyers.

Some victims also filed an appeal requesting a re-determination of the compensation amount and a review of some contents in the first instance judgment. The trial is expected to last for several days.

Previously, the Hanoi People's Court held a first-instance trial and sentenced defendant Trinh Van Quyet to 18 years in prison for "fraudulent appropriation of property" and 3 years in prison for "stock market manipulation". The total sentence for defendant Quyet is 21 years in prison. Convicted of these two crimes, Trinh Thi Minh Hue received 14 years in prison, Trinh Thi Thuy Nga was sentenced to 8 years in prison.

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 five stock codes: AMD, HAI, GAB, FLC, ART. After the stock prices increased, Trinh Van Quyet directed the sale of stocks, 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, defendant Quyet listed and sold shares, appropriating 3,621 billion VND from investors.