Defendant Trịnh Văn Quyết (centre, standing) at the trial on Monday. A record of 30,403 victim investors holding the stock of FLC Faros (HoSE ticker name ROS), as well as 63,092 other ROS holders who are connected and related to the case were summoned by the court. VNA/VNS Photo Phạm Kiên

HÀ NỘI The trial for one of the most notorious cases of stock manipulation in the history of the Vietnamese market began Monday morning, with fifty defendants appearing in the case at FLC Corporation.

Former FLC Chairman Trịnh Văn Quyết, along with his sisters Trịnh Thị Minh Huế and Trịnh Thị Thúy Nga, and five subordinates, were indicted by the Supreme People's Procuracy for fraud, expropriation of assets, and stock manipulation.

The remaining 42 defendants are indicted for stock manipulation, abuse of power while performing official duties, and deliberately announcing misinformation in stock market activity.

A record of 30,403 victim investors holding the stock of FLC Faros (HoSE ticker name ROS), as well as 63,092 other ROS holders who are connected and related to the case, were summoned by the court.

The Hà Nội People's Court has placed significant emphasis on organising the trial, arranging three areas - the main courtroom for the direct proceedings, a hall, and an outdoor area with tents for observers to follow the trial via screens broadcasting from the courtroom, with the ability to accommodate thousands of people.

In all three areas, the court has set up computer systems displaying information about the over 30,000 victims, along with printed lists. Investors attending the trial can verify information through these channels.

In the main courtroom, nearly 90 defence lawyers have arrived, with the court providing over 50 laptops to assist them in their defence. Additionally, medical, logistical and isolation services for defendants have been meticulously prepared by the Hà Nội People's Court in collaboration with related units.

According to the indictment, with the intention of appropriating investors' money for personal use, Quyết used FLC Faros Company as a tool, directing subordinates to falsely increase the owner's capital contribution at Faros from VNĐ1.5 billion (US$59,212) to VNĐ4.3 trillion (US$169 million), then completing procedures to list shares corresponding to the inflated capital on the stock exchange.

He used the HOSE exchange as a tool to sell 391,155,480 shares created from the inflated capital contribution to 30,403 investors on the stock exchange, appropriating more than VNĐ3.621 trillion (US$142 million).

Furthermore, Trịnh Văn Quyết instructed Trịnh Thị Minh Huế to borrow documents from 45 individuals, including relatives and employees of FLC Group, to establish and name 20 companies and open 500 securities accounts in the names of individuals and legal entities.

The defendants then falsely credited these accounts to manipulate the stock market with five stock codes: AMD, HAI, GAB, FLC, and ART.

They continuously bought and sold the same securities, conducted internal matching trades (without real ownership transfer), traded in large volumes to dominate the market during opening and closing sessions and placed the cancelled orders to create fake supply and demand, manipulating the stock market with these five codes and illicitly profiting VNĐ723 billion (US$28.5 million).

The trial is expected to take several days. VNS