Former Chairman of FLC: officially sentenced with 49 accomplices

Among the 50 defendants in court, the Procuracy proposed that the court sentence the person with the lowest sentence from 18 months in prison, the person who held the role of mastermind of the case was recommended to be up to 26 years in prison.

At 2 p.m. today (5/8), the Hanoi People's Court began sentencing 50 defendants in the case of "Fraudulent appropriation of assets and manipulation of the stock market", which occurred at FLC Group.

Previously, during 9 days of trial, a representative of the Hanoi Institute of People's Justice stated the impeachment opinion and proposed that the Judicial Council sentence the defendant Trinh Van Quyet (former Chairman of FLC Group) to 19-20 years in prison for the crime of "Fraudulently appropriating property"; 5-6 years in prison for the crime of "Manipulating the stock market". In general, Mr. Quyet was recommended 24-26 years in prison.

For the same two crimes as Mr. Quyet, the Procuracy proposed that the Judicial Council sentence the defendant Huong Tran Kieu Dung (Standing Vice Chairman of the Board of Directors of FLC Group) to 11-13 years in prison. More than 40 remaining defendants are subordinates in the FLC ecosystem, leaders of auditing firms are recommended from 18 months to 19 years in prison.

With the group of leaders of the securities industry, the Procuracy proposed to sentence Mr. Tran Dac Sinh (former chairman of the Board of Directors of the Ho Chi Minh City Stock Exchange - HOSE) to 8-9 years in prison; Le Hai Tra (former member of the Board of Directors, Standing Deputy General Director, independent member of the HOSE Listing Council) 6-7 years in prison; Tram Tuan Vu (former deputy general director, Vice Chairman of the HOSE Listing Council) 6-7 years in prison; Le Thi Tuyet Hang (Director of Listing Management and Appraisal Department, member of the HOSE Listing Council) 3-4 years in prison for the crime of "Abusing position and power while performing official duties".

Defendant Le Cong Dien (former Director of Supervision of Public Companies, State Securities Commission) was recommended 36-42 months in prison. Defendants Duong Van Thanh (former general director of the Vietnam Securities Depository) 24-30 months in prison; Pham Trung Minh (former head of the Securities Registration Department of the Vietnam Securities Depository) was sentenced to 18-24 months in prison for "Disclosing false information or concealing information in securities activities".

The trial process recorded that the defendants all sincerely declared, expressed repentance and repentance. Speaking the last words before the court deliberated, the defendant Trinh Van Quyet said that throughout his business career, he always had ambitions and dreams to develop fields such as: golf courses, resorts, real estate, aviation and had certain achievements recognized by society. appreciating as well as changing the s.kin of difficult lands, bringing jobs to hundreds of thousands of workers.

However, at the same time, in order to realize so many big ambitions at the same time, he personally had to do some things "beyond the legal limit" leading to the consequences like today.

"I regret very much because during my more than twenty years as an entrepreneur, even though I have always tried and tried, I cannot change the fact that many of my relatives, friends and colleagues who have fallen into the cycle of labor because of their trust in me. Let me say sorry. I earnestly ask the Judicial Council to consider mitigating all the defendants so that they can soon return to reunite with their families," Mr. Quyet choked up.

On the side of the group of former securities officials, the defendant Tran Dac Sinh (former Chairman of HOSE) in his last speech for nearly 10 minutes apologized to the Party and State, for not fulfilling his duties; sorry investors.

Mr. Sinh said that since the 2000s, he has been assigned to lead the largest stock market in the country. His goal is to build a strong and equal development market, but close to the time of retirement, he has been "hit by the virus through all doors", to finally violate the law.

In more than 20 years of dedication to the securities industry, Mr. Sinh is proud that the market has gone up, accounting for many percent of the country's GDP, and is respected by friends around the world.

According to him, the incident related to FLC is a personal mistake and leaves many lessons. Personally, he never imagined such a horrible and deeply intentional act of fraud.

The former Chairman of HOSE hopes that in the coming time, there will be adjustments to make the stock market transparent and effective. At the same time, he proposed a number of contents to improve the policy mechanism, so that securities workers who follow him can rest assured.

Accordingly, he proposed that the Law on Enterprises should reconsider the management of corporate charter capital; allowing the Stock Exchange to hire an audit firm when in doubt; tighten the operation of auditing firms, have a tight legal corridor so that they do not violate.

Mr. Le Hai Tra (former Standing Deputy General Director of HoSE) also raised concerns about the current legal corridor in the context of an increasingly complex stock market.

He said that protecting the legitimate interests of investors is always the "ultimate requirement" in the securities industry. Enterprise Law System; The Securities Law has set up fences and blockades to protect those interests, but because they believe too much in the chain of blockades, they are subjective and reckless.

The former General Director of HOSE hopes that the inadequacies that still exist in the stock market will soon be completed so that market managers and operators can reduce unnecessary risks in the future.

In his last words, the defendant Le Cong Dien (Former Director of the Public Company Supervision Department, under the State Securities Commission) said that the mistake was an unfortunate lesson. He did not shirk his responsibility, asked the court to assess the context of the crime, there was no profit.

Mr. Trinh Van Quyet was "carried", FLC Group reported a net loss of 466 billion dong Rosé14:24:26 01/05/2022However, FLC's management said that the group's business segments have shown signs of improvement since the e.nd of the first quarter. Trinh Van Quyet - former chairman of FLC Group, was prosecuted and arrested on March 29 for manipulating and concealing securities information...