Hanoi (VNA) - The High-level People’s Court in Hanoi on March 25 afternoon decided to postpone the appeal hearing for the case of stock market manipulation and fraudulent appropriation of property involving the FLC Group JSC (FLC Group), which opened on the same day, allowing the defendants to have more time to compensate victims.
The trial is scheduled to resume in this June.
After discussions and listening to opinions from lawyers, defendants, and victims present at the trial, the judicial panel stated that postponing the appeal hearing for Trinh Van Quyet, ex-chairman of FLC Group, is necessary to ensure the rights of the victims. The postponement aims to give the defendants and their families more time to pay compensation for victims and those with related rights and obligations.
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 leaving him unable to attend the trial. Hospital 19-8 also confirmed Quyet's deteriorating condition, according to the chief judge.
The High-level People’s Court in Hanoi had initially scheduled the appeal hearing in last December 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 last August, the Hanoi People’s Court sentenced Quyet to 21 years in prison, including 18 years for "fraudulent appropriation of property" and three 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, 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 and Hue paid 86 billion VND and over 254 billion VND, respectively. Additionally, Quyet also submitted another 27 billion VND.
According to 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./.
