Hanoi (VNA) - An appeal court on June 26 slashed jail sentence for FLC Group Ex-Chairman Trinh Van Quyet from 21 years to seven in a fraud and stock market manipulation case.
After a 10-day hearing, the High-level People’s Court in Hanoi delivered its appellate verdict in the case involving property developer FLC Group.
The appellate panel noted that the consequences of the case had been fully remedied by the defendants. The court accepted the appeals and reduced the sentences, converting prison terms into monetary fines for several defendants charged with "manipulating the stock market."
The court dropped Quyet's three-year term for market manipulation and cut his 18-year sentence for fraud to seven years. He was also fined 4 billion VND (153,000 USD) for stock manipulation.
It also reduced the punishment for Quyet’s two sisters who were found to have collaborated with him in both crimes. Trinh Thi Minh Hue received four and a half years instead of 14 years and a fine of 3.5 billion VND. Trinh Thi Thuy Nga had her sentence reduced from eight years to just over three years and was fined 3 billion VND.
Another key accomplice, Huong Tran Kieu Dung, former Deputy Chairwoman of FLC, received three and half years instead of eight and a half years, plus a fine of 3 billion VND.
Some defendants who did not file appeals but had new extenuating circumstances were also granted sentence reductions by the court.
At the appellate hearing, the judging panel concluded that the defendants had exploited stock market operations to commit crimes, undermining public trust and affecting the confidence and interests of investors. Quyet was identified as the mastermind who directly orchestrated the scheme, while the other defendants acted as accomplices, assisting him in executing the offense.
The judges said they took into consideration the fact that Quyet has furnished over 2.46 trillion VND to compensate the victims of his crime, exceeding the required amount by 46 billion VND. Over 5,000 petitions from individuals and organisations were submitted to the court seeking leniency for him.
In early August 2024, the Hanoi People’s Court announced the first-instance verdict for Quyet and 49 other defendants. Quyet received a total sentence of 21 years in prison for “fraudulent appropriation of assets” and “stock market manipulation.” Also convicted on the same charges, Hue was sentenced to 14 years’ imprisonment, while Nga was handed an 8-year prison term.
According to the verdict, between May 2017 and January 2022, Quyet directed relatives and subordinates to use the names of employees, family members, and acquaintances to establish companies and open securities and bank accounts.
The defendants then carried out a series of stock manipulation activities. Once share prices had been driven up, Quyet ordered the sale of the stocks, illicitly gaining over 723 billion VND.
In addition, from 2014 to September 2016, he instructed executives and employees at Faros Construction JSC (ROS), as well as various subsidiaries of FLC Group and his own relatives, to pose as shareholders contributing capital. This was done to fabricate and falsify capital contribution documents, thereby inflating Faros’ charter capital from 1.5 billion VND to 4.3 trillion VND. He later listed and sold the shares, unlawfully appropriating 3.62 trillion VND from investors./.
