Former FLC Chairman Trinh Van Quyet’s prison term shortened to 7 years

Vietnam’s High-level People’s Court in Hanoi recently delivered its appellate verdict on the case involving FLC Group’s former chairman, Trinh Van Quyet, reducing his original 21-year prison sentence to just seven years for charges related to fraud and stock market manipulation. The court also imposed a 4 billion VND fine on Quyet for stock manipulation.

During the recent 10-day appeal hearing, the court acknowledged that the defendants had taken steps to remedy the consequences of their actions. As a result, several defendants charged with manipulating the stock market had their sentences reduced, with prison terms being converted into financial penalties.

Quyet’s initial three-year sentence for market manipulation was dropped, and his 18-year fraud sentence was reduced to seven years. Additionally, he was fined 4 billion VND for his involvement in stock manipulation. The court also decreased the sentences for Quyet’s two sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, who were both implicated in the crimes.

Hue saw her sentence reduced from 14 years to four and a half years, accompanied by a 3.5 billion VND fine. Nga’s eight-year sentence was reduced to just over three years, along with a 3 billion VND fine. Another key accomplice, Huong Tran Kieu Dung, formerly Deputy Chairwoman of FLC, had her sentence lowered from eight and a half years to three and a half years, with a 3 billion VND fine.

The court identified Quyet as the mastermind behind the stock market manipulation scheme, with the other defendants serving as his accomplices. They exploited stock market operations to commit their crimes, resulting in adverse effects on investor confidence and public trust. Despite the reduced sentences, the defendants were called out for their actions that undermined public interests.

During the appellate hearing, it was noted that Quyet had provided over 2.46 trillion VND to compensate the victims of his crimes, going beyond the required amount by 46 billion VND. More than 5,000 petitions were submitted on behalf of Quyet seeking clemency.

The original 2024 verdict that led to Quyet and 49 others being convicted of fraudulent appropriation of assets and stock market manipulation was based on activities dating back to 2017. Quyet directed individuals to establish companies and conduct manipulative stock activities, generating illicit gains. Additionally, from 2014 to 2016, he engaged in capital contributions and share sales to unlawfully appropriate funds from unsuspecting investors.

Overall, the court’s decision to reduce Quyet’s sentence shed light on the severity of white-collar crimes and the importance of upholding the integrity of financial markets to protect investors’ interests and public trust in the corporate sector.