Appeal hearing for FLC postponed, allowing more time for compensation

The appeal hearing for Trinh Van Quyet, the former chairman of FLC Group JSC (FLC Group), regarding stock market manipulation and fraudulent appropriation of property has been postponed to ensure the victims’ rights are upheld. The decision to delay the hearing was made after discussions with lawyers, defendants, and victims who felt that the defendants needed more time to provide compensation to the victims and those with related obligations. The trial is set to resume in June this year.

Trinh Van Quyet, who had initially requested a trial in absentia or a postponement due to health issues preventing his attendance, was granted the extension by the High-level People’s Court in Hanoi. Hospital 19-8 confirmed Quyet’s health deterioration, further supporting the decision to postpone the appeal hearing.

The previous appeal hearing, scheduled for December, was postponed due to multiple absent defendants and victims. Quyet, during the first-instance trial in August last year, was sentenced to 21 years in prison for “fraudulent appropriation of property” and “stock market manipulation.” He has been making efforts to reduce his sentence and civil liability since the trial. Following the proceedings, Quyet and his family have paid over 600 billion VND to mitigate the damages caused.

Quyet’s younger sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, also settled their civil liabilities as determined in the first-instance verdict. Before the appeal hearing, Nga’s family and Hue had contributed to the compensation fund, and Quyet himself submitted an additional sum of money.

Lawyers have confirmed that the defendants have fully compensated all 133 victims who held FLC-related stocks. The illicit activities, involving the manipulation of stock prices for personal gain, were carried out by Quyet from 2014 to September 2016. He was found guilty of orchestrating stock market fraud by directing the sale of inflated shares, leading to illicit profits of over 723 billion VND.

Quyet also engaged in the fraudulent inflation of his company Faros’s chartered capital, illegally appropriating funds worth billions from investors. The postponent of the appeal hearing will provide the defendants with more time to fulfill their obligations towards the victims and ensure justice is upheld in the case.