HÀ NỘI — The High-level People’s Court in Hà Nội on Tuesday decided to postpone an appellate hearing for the case of stock market manipulation and fraudulent appropriation of property involving FLC Group Joint Stock Company (FLC Group) until June.

Before the hearing, former FLC Group Chairman Trịnh Văn Quyết had submitted a request for either a trial in absentia or a postponement, citing serious health issues that made him unable to attend the trial. Hospital 19-8 also confirmed Quyết's deteriorating condition, according to the chief judge.

Tycoon Quyết is reportedly on oxygen, suffering from several co-morbidities and his life is at risk.

Several other defendants and some defence lawyers also requested to be tried in absentia. According to the court clerk, five victims requested to be absent. Among 392 individuals with related rights and obligations filed appeals, 127 requested to be absent from the proceedings.

The court said the postponement is necessary to guarantee the rights and interests of all defendants, victims, and people involved, as well as to consider the defendants and their families' efforts to redress the consequences.

The High-level People’s Court in Hà Nội had initially scheduled the appeal hearing in December 2024 but had to postpone it due to the absence of multiple defendants and victims. At that time, Quyết also submitted a request for absence due to health issues.

At the first-instance trial in August 2024, the Hà Nội People’s Court sentenced Quyết to 21 years in prison—18 years for "fraudulent appropriation of property" and 3 years for "stock market manipulation". Following the trial, he filed an appeal seeking a reduced prison sentence and lower civil compensation liability.

During the first-instance proceedings, authorities noted that Quyết had already paid over VNĐ254 billion (US$9.9 million) in restitution. After the trial, his wife contributed an additional VNĐ203 billion, and on December 19, 2024, she paid another VNĐ150 billion. In total, Quyết and his family have paid over VNĐ600 billion to mitigate damage.

Two other defendants, Quyết's younger sisters – Trịnh Thị Minh Huệ and Trịnh Thị Thuý Nga, also paid restitution and accepted their civil liabilities as determined by the first-instance verdict.

Before the appeal hearing, Nga’s family contributed VNĐ86 billion while Huệ paid over VNĐ254 billion. Additionally, Quyết also submitted another VNĐ27 billion.

According to defence lawyers, before the appeal hearing, the defendants had fully compensated the 133 victims who still held FLC-related stocks.

From May 2017 to January 2022, Quyết instructed relatives and subordinates to use the identities of employees, family members, and acquaintances to establish companies and open securities and bank accounts, according to the first-instance verdict.

The defendants then engaged in a series of stock market manipulation activities involving five stock codes: AMD, HAI, GAB, FLC, and ART. Once the stock prices were inflated, Quyet directed the sale of shares, illicitly profiting more than VNĐ723 billion.

From 2014 to September 2016, Quyết instructed individuals who were leaders or employees of the Faros company, as well as other companies within the FLC Group, along with relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's chartered capital from VNĐ1.5 billion to VNĐ4.3 trillion ($167.8 million). Quyết later listed and sold shares, illegally appropriating VNĐ3.621 trillion ($141 million) from investors. — VNA/VNS