The High-level People’s Court in Hanoi on June 17 resumed the appeal hearing on the case of market manipulation and fraud at FLC Group and related entities, with FLC Ex-Chairman Trinh Van Quyet – one of the appellants – tried in absentia due to severe illness.
At the trial, the court announced that Quyet had submitted a written request to be tried in absentia, citing serious health issues. According to an official statement from Hospital 19/8, the defendant is suffering from multiple illnesses, experiencing fatigue and shortness of breath, with doctors warning of a “very high risk of death.”
His lawyer confirmed the poor state of his health but noted that his family had fully compensated for the financial damage caused, ensuring the interests of affected investors. On this basis, the lawyer requested the court to proceed with the trial. A representative of the people’s procuracy also supported continuing the proceedings in his absence.
The court stated that the absence of some individuals would not affect the hearing, as their testimonies had already been collected during previous investigations and first-instance trials, and legal representation was in place. The appeal trial would therefore continue as scheduled.
The hearing is expected to last until June 21, with 50 defendants standing trial. These include former FLC employees and former officials of the State Securities Commission and the Ho Chi Minh Stock Exchange. Most are seeking reduced sentences, suspended prison terms, or lesser civil liability. In addition, some investors have filed appeals demanding compensation from the accused.
The appellate hearing had previously been postponed twice, in December 2024 and March 2025, both times due to Quyet’s health condition. Following the adjournment in March, his family submitted an additional VND100 billion (US$3.83 million). Ahead of the June 17 hearing, the family and his two sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, paid nearly VND2.5 trillion in total to fully compensate for the damage.
According to the lower court ruling, the total amount to be reimbursed by Quyet and his sisters was VND2.467 trillion.
In early August 2024, the Hanoi People’s Court announced the first-instance verdict for Quyet and 49 other defendants. Quyet received a total sentence of 21 years in prison for “fraudulent appropriation of assets” and “stock market manipulation.” Also convicted on the same charges, Hue was sentenced to 14 years’ imprisonment, while Nga was handed an 8-year prison term.
According to the verdict, between May 2017 and January 2022, Quyet directed relatives and subordinates to use the names of employees, family members, and acquaintances to establish companies and open securities and bank accounts.
The defendants then carried out a series of stock manipulation activities. Once share prices had been driven up, Quyet ordered the sale of the stocks, illicitly gaining over VND723 billion.
In addition, from 2014 to September 2016, he instructed executives and employees at Faros Construction (stock code ROS), as well as various subsidiaries of the FLC Group and his relatives, to pose as shareholders contributing capital. This was done to fabricate and falsify capital contribution documents, thereby inflating Faros’ charter capital from VND1.5 billion to VND4.3 trillion. He later listed and sold the shares, unlawfully appropriating VND3.621 trillion from investors.
