Trinh Van Quyet case: Victim asked for reduced sentence, revealed 5,000 billion assets to overcome consequences

Hanoi People's Court continues to try 50 defendants in the case of stock market manipulation and fraudulent appropriation of assets, which occurred at FLC Group Joint Stock Company (FLC Group for short) and related units. mandarin.

Before the trial, the Hanoi People's Court summoned more than 30,000 investors who bought Faros Company's ROS shares during the public offering session to the trial as victims.

Along with that, more than 63,000 investors holding ROS shares were also summoned as people with related rights and obligations. In court today, a number of investors gave related opinions.

Specifically, Mr. Luu QH (Thanh Xuan, Hanoi) explained that he bought ROS shares from around 2019 - 2020, gradually buying them to increase the volume of shares and currently holds 150,000 ROS shares.

Mr. H said that those who hold ROS shares are currently the ones who suffer directly from the case. He asked the court to consider a settlement for him and the victims. Along with that suggestion, Mr. H also hopes that "defendant Trinh Van Quyet will fix it for us, those who no longer need to hold it, by buying back ROS shares."

With Mr. Le Ngoc N (born 1978, in Hai Chau district, Da Nang, summoned to court as both a v.ictim and a related person, currently holding more than 667,000 shares), he presented buying ROS shares via HOSE stock exchange, then ROS stock was in the VN30 basket.

The VN30 basket includes 30 stocks with the highest market capitalization and liquidity on the HOSE floor, so he and other investors trust them to buy. Mr. N wants to be compensated for both material and mental damages.

As for Mr. Vu Xuan H (born 1962, in Long Bien, Hanoi) said, he still owns 1,300 shares of this company (he bought ROS shares in 2018 and 2019).

Mr. Hoang said that when he bought ROS shares, he did not know Mr. Quyet. He asked the Trial Council to consider reducing the penalty for former FLC Group Chairman Trinh Van Quyet to soon return to continue production and business, so as not to affect investors still holding shares.

Another person, Mr. Vo Tay N (in Ho Chi Minh City), explained that in 2022 he bought ROS shares and currently holds 200,000 shares. He requested compensation for damages and proposed two solutions for the court to consider:

First, let defendant Trinh Van Quyet compensate investors; Second, it is possible to consider letting ROS shares continue to be listed.

Also wishing for compensation, another investor said that it would be easiest for Mr. Trinh Van Quyet to stand up and resolve the consequences for investors.

On Mr. Trinh Van Quyet Dang's side, when participating in the lawyer's questioning of the defendants. The lawyer asked, with the two crimes of "Manipulating the stock market" and "Fraudulently appropriating property", defendant Trinh Van Quyet will have to compensate for damages of VND 4,300 billion. Does the defendant have any other assets besides property? blocked?

Answering this question, Mr. Quyet affirmed that in case the jury decides to recover the above amount, all personal assets that are being frozen will be used to overcome the consequences. Trinh Van Quyet also revealed the amount of "frozen" assets estimated at nearly 5,000 billion VND. This is all the assets accumulated during more than 20 years of the defendant's career.

"The defendant earnestly hopes that the jury will create conditions for him to remove the frozen assets over the past 2 years to overcome the consequences. Currently, the defendant has just been approved to sell Bamboo Airways, of which the amount is 200 billion. The purchase has been transferred to the authorities' temporary account, the next 500 billion will be transferred when the partner makes payment," said Mr. Trinh Van Quyet.

When the lawyer asked about the solution if selling all assets was not enough to overcome the consequences, defendant Quyet said he would find every way. The defendant said he had proposed selling FLC shares to overcome the consequences but had not yet been approved.

Trial of FLC Chairman Trinh Van Quyet - 50 accomplices: The court summoned 30,000 people Keng17:03:26 01/07/2024The Hanoi People's Court has just planned to try former Chairman of FLC Group Trinh Van Quyet and 50 others in the case of raising the charter capital of FLC Faros Construction Joint Stock Company from the initial figure of VND 1.5 billion to VND 4,300 billion.