Defendants at the court. — Photo cand.com.vn

HÀ NỘI — The High People’s Court in Hà Nội yesterday opened a criminal appeal hearing for former FLC Group Joint Stock Company (FLC Group) Chairman Trịnh Văn Quyết and 49 other defendants involved in a major stock market manipulation and fraud case.

The court is reviewing appeals submitted by Quyết and several co-defendants, as well as petitions from civil plaintiffs seeking compensation. The case centres on large-scale stock market manipulation and fraudulent appropriation of assets, causing estimated damages of more than VNĐ2.4 trillion (US$91.9 million).

Presiding Judge Võ Hồng Sơn confirmed at the hearing that Quyết would be tried in his absence after submitting a request citing multiple health conditions. A medical report from Hospital 19/8 said that the former chairman is suffering from fatigue, breathing difficulties and several underlying illnesses, with a very high risk of death.

The appeal hearing includes not only those who submitted appeals but also defendants who were handed suspended sentences in the first-instance trial and did not appeal, as the court must clarify their testimonies in relation to the appeals lodged by others. In addition, several victims have appealed for the court to order joint compensation from the defendants.

The first-instance court found that between 2017 and 2022, Quyết directed others, including his two sisters Trịnh Thị Minh Huế and Trịnh Thị Thúy Nga, and senior FLC staff, to inflate the value of five stock codes and list 430 million ROS shares of Faros Company using falsified documents. Illicit profits exceeded VNĐ700 billion ($26.8 million).

Several officials from the State Securities Commission (SSC) and Hồ Chí Minh Stock Exchange (HoSE) were accused of enabling the listing process unlawfully due to their connections with Quyết.

The Hà Nội People’s Court sentenced Quyết to 21 years in prison for stock manipulation and fraudulent appropriation of assets. His sisters, Trịnh Thị Minh Huế and Trịnh Thị Thúy Nga, received 14 years and eight years, respectively.

The court ordered the three siblings to repay a combined total of VNĐ2.467 trillion in damages. By the end of the first-instance trial, only VNĐ264 billion had been recovered. However, following a postponed appeal hearing in March, the Quyết family made additional payments.

Quyết’s wife, Lê Thị Ngọc Diệp, recently submitted over VNĐ1.4 trillion to the Hà Nội Civil Judgment Enforcement Department. As of this week, the family has fully repaid the amount owed, exceeding the total by more than VNĐ10 billion.

A number of other FLC Group executives, relatives of Quyết, and officials from Faros, BOS Securities, and various regulatory bodies were also sentenced to prison terms ranging from 16 months to 11 years. Several received suspended sentences.

The appeal trial is expected to run for several days. The court will continue examining testimonies, appeal grounds, and the full scope of restitution and criminal responsibility. — VNS