Former FLC Chairman Trinh Van Quyet being tried in absentia due to illness

The former Chairman of FLC Group, Trinh Van Quyet, is at the center of a trial concerning market manipulation and fraud affecting the group and associated entities. Due to severe illness, Quyet has requested to be tried in absentia, with his health issues being taken into consideration. Hospital 19/8 released a statement detailing his multiple ailments, including fatigue and breathing difficulties, putting him at a high risk of death.

While acknowledging Quyet’s health condition, his lawyer has affirmed that his family has compensated for the financial harm caused, ensuring the affected investors’ interests are protected. Consequently, the court decided to proceed with the trial, with the people’s procuracy also in support of continuing in Quyet’s absence.

The absence of key individuals will not hinder the trial’s progress as their testimonies have been gathered earlier, and legal representatives are in place. The appeal hearing, including 50 defendants, is expected to run until June 21. Former FLC employees and ex-officials from regulatory bodies like the State Securities Commission and the Ho Chi Minh Stock Exchange are among the accused seeking reduced sentences, suspended prison terms, or lesser civil liabilities. Some investors are also seeking restitution from those on trial.

The appeal hearing has faced postponements in the past due to Quyet’s health, with his family providing additional financial compensation in light of the delays. In preparation for the recent hearing, Quyet’s family has compensated nearly 2.5 trillion VND to cover the damages. A total of 2.467 trillion VND was initially mandated to be reimbursed by Quyet and his siblings.

In an earlier verdict, Quyet and 49 other defendants were convicted in 2024, with Quyet receiving a 21-year prison sentence for fraudulent asset appropriation and stock market manipulation. His sisters, Hue and Nga, were also found guilty on similar charges, with Hue receiving 14 years and Nga receiving an 8-year prison term.

Quyet allegedly directed his relatives and associates to establish companies and open accounts to carry out stock manipulation schemes, resulting in significant illicit gains. Additionally, he was involved in inflating the capital of Faros Construction and subsequent share sales, leading to substantial unauthorized proceeds.

The ongoing trial aims to ensure justice is served regarding the alleged fraudulent activities involving Trinh Van Quyet and others associated with the case.