Appeal hearing for former group chairman begins in FLC’s absence
The High-level People’s Court in Hanoi commenced an appellate hearing on March 25 for the case involving FLC Group Joint Stock Company (FLC Group) concerning stock market manipulation and fraudulent appropriation of property. Former FLC Group Chairman Trinh Van Quyet, who was a defendant in the case, had requested either a trial in absentia or a postponement due to severe health problems that prevented him from attending the trial.
Hospital 19-8 confirmed Quyet’s deteriorating health condition, which led to the opening of the hearing in his absence. Several other defendants and defense lawyers also requested to be tried in absentia. Additionally, five victims and 127 individuals involved with related rights and obligations asked to be absent from the proceedings. The court had initially planned the appeal hearing for December 2024 but had to postpone it due to multiple defendants and victims being absent, including Quyet, who cited health issues.
During the first-instance trial in August 2024, the Hanoi People’s Court sentenced Quyet to 21 years in prison, with 18 years for “fraudulent appropriation of property” and 3 years for “stock market manipulation.” Subsequent to the trial, Quyet appealed to reduce his prison sentence and lower his civil compensation liability. Authorities noted that Quyet had already paid over 254 billion VND in restitution before the first-instance proceeding began. His wife and family further contributed to covering the damages by adding more funds, totaling over 600 billion VND.
Quyet’s younger sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, also paid restitution and accepted their civil liabilities, as determined in the initial verdict. Prior to the appeal hearing, Nga’s family contributed 86 billion VND, Hue paid over 254 billion VND, and Quyet added an additional 27 billion VND. Defense lawyers mentioned that the defendants had already compensated the 133 victims who held FLC-related stocks before the appeal hearing.
Between May 2017 and January 2022, Quyet directed individuals to establish companies and engage in stock market manipulation activities with specific stock codes such as AMD, HAI, GAB, FLC, and ART. These activities resulted in Quyet illicitly profiting over 723 billion VND. Furthermore, from 2014 to September 2016, Quyet orchestrated the falsification of capital contribution documents and fraudulently appropriated funds from Faros investors. The defendants inflated stock prices and sold shares to secure illegal profits.
