On December 26th, the Hanoi High Court will open an appeal hearing in the case involving FLC Group Joint Stock Company (FLC Group) and related entities. The hearing is being held due to appeals from numerous defendants, victims, and those with related rights and obligations.
In this case, defendant Trinh Van Quyet (former Chairman of the Board of Directors of FLC Group) appealed for a reduction in his prison sentence and a review and reduction of his civil compensation liability.
Similar to their brother, the defendant Quyết's two sisters, Trịnh Thị Minh Huế and Trịnh Thị Thúy Nga, also appealed for a reduction in their criminal liability and requested that the appellate court not require them to pay compensation or remedy the consequences.
23 out of 50 defendants in the case also appealed, requesting reduced sentences, suspended sentences, the lifting of asset freezes, or appealing the entire first-instance judgment.
Former Chairman Trinh Van Quyet at the first-instance trial.
Currently, there are approximately 30 lawyers registered to participate in the trial to defend the defendants. Among them, defendant Trinh Van Quyet has 7 defense lawyers; defendant Trinh Thi Minh Hue has 2 defense lawyers…
Earlier, on the afternoon of August 5th, the Hanoi People's Court announced the first-instance verdict against former FLC Group Chairman Trinh Van Quyet and 49 other defendants in the case of stock market manipulation and fraud involving the appropriation of assets at FLC Group and related entities.
The trial court sentenced defendant Trinh Van Quyet to 21 years in prison for both crimes of fraud and manipulation of the stock market. Also convicted of these two crimes, Trinh Thi Minh Hue was sentenced to 14 years in prison, and Trinh Thi Thuy Nga to 8 years in prison.
The panel of judges determined that in this case, defendant Trinh Van Quyet was the mastermind. Defendant Trinh Thi Minh Hue was identified by the court as an active participant, receiving instructions from her brother to commit the illegal acts, assisting Quyet in illegally profiting a particularly large sum of money… The other defendants played the role of accomplices.
The case details show that from May 2017 to January 2022, Trinh Van Quyet instructed his sister and accomplices to use the names of employees, relatives, and family members to create documents and procedures for establishing companies and opening securities and bank accounts.
The defendants then carried out a series of market manipulation acts involving five stocks: AMD, HAI, GAB, FLC, and ART. After the stock prices increased, Trinh Van Quyet directed the "dump" of shares, illegally profiting more than 723 billion VND.
Furthermore, from 2014 to September 2016, Trinh Van Quyet directed leaders and employees of Faros Company (stock code ROS), companies belonging to FLC Group, and relatives to register as shareholders, in order to carry out fraudulent schemes to create and sign fictitious capital contribution documents, thereby inflating the charter capital of Faros Company from 1.5 billion VND to 4,300 billion VND.
Next, the defendants created documents and requested approval for the registration of a public company, securities deposit registration, and listing of 430 million shares formed from the fictitious capital contribution of Faros Company.
After successfully listing the company's shares, Trinh Van Quyet and his accomplices sold over 391 million shares of Faros Company, defrauding investors of more than 3,600 billion VND.
According to the court's assessment, Trinh Van Quyet assigned other defendants to carry out tasks and intentionally committed a series of illegal acts, from purchasing Green Belt Company (the predecessor of Faros Company), making fictitious capital contributions and inflating capital, to using the HoSE exchange as a means to sell shares and then misappropriating investors' money.
The trial court assessed that the aforementioned violations were particularly serious, and the defendants committed fraudulent acts to misappropriate money from investors. This behavior is dangerous to society and violates regulations on securities trading.
Source: https://vtcnews.vn/cuu-chu-tich-flc-trinh-van-quyet-sap-hau-toa-phuc-tham-ar914919.html
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