FLC appeal hearing opens in absence of former group chairman

Defendant Trinh Van Quyet at the first instance trial. (Photo: VNA)

Hanoi (VNA) – The High-level People’s Court in Hanoi on March 25 opened an appellate hearing for the case of stock market manipulation and fraudulent appropriation of property involving FLC Group Joint Stock Company (FLC Group).

Before the hearing, former FLC Group Chairman Trinh Van Quyet had submitted a request for either a trial in absentia or a postponement, citing serious health issues that made him unable to attend the trial. Hospital 19-8 also confirmed Quyet's deteriorating condition, according to the chief judge.

Several other defendants and some defence lawyers also requested to be tried in absentia. According to the court clerk, five victims requested to be absent. Among 392 individuals with related rights and obligations filed appeals, 127 requested to be absent from the proceedings.

The High-level People’s Court in Hanoi had initially scheduled the appeal hearing in December 2024 but had to postpone it due to the absence of multiple defendants and victims. At that time, Quyet also submitted a request for absence due to health issues.

At the first-instance trial in August 2024, the Hanoi People’s Court sentenced Quyet to 21 years in prison—18 years for "fraudulent appropriation of property" and 3 years for "stock market manipulation". Following the trial, he filed an appeal seeking a reduced prison sentence and lower civil compensation liability.

During the first-instance proceedings, authorities noted that Quyet had already paid over 254 billion VND (9.9 million USD) in restitution. After the trial, his wife contributed an additional 203 billion VND, and on December 19, 2024, she paid another 150 billion VND. In total, Quyet and his family have paid over 600 billion VND to mitigate damage.

Two other defendants, Quyet’s younger sisters – Trinh Thi Minh Hue and Trinh Thi Thuy Nga, also paid restitution and accepted their civil liabilities as determined by the first-instance verdict.

Before the appeal hearing, Nga’s family contributed 86 billion VND while Hue paid over 254 billion VND. Additionally, Quyet also submitted another 27 billion VND.

According to defence lawyers, before the appeal hearing, the defendants had fully compensated the 133 victims who still held FLC-related stocks.

From May 2017 to January 2022, Quyet instructed relatives and subordinates to use the identities of employees, family members, and acquaintances to establish companies and open securities and bank accounts, according to the first-instance verdict.

The defendants then engaged in a series of stock market manipulation activities involving five stock codes: AMD, HAI, GAB, FLC, and ART. Once the stock prices were inflated, Quyet directed the sale of shares, illicitly profiting more than 723 billion VND.

From 2014 to September 2016, Quyet instructed individuals who were leaders or employees of the Faros company, as well as other companies within the FLC Group, along with relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's chartered capital from 1.5 billion VND to 4.3 trillion VND. Quyet later listed and sold shares, illegally appropriating 3.621 trillion VND from investors./.

VNA