Trial of FLC Chairman Trinh Van Quyet - 50 accomplices: The court summoned 30,000 people

The 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.

As expected, the trial will take place on the morning of July 22, lasting for many days. Judge Vu Quang Huy was assigned to preside over the trial. 6 procurators of the Ho Chi Minh City People's Prosecutor's Institute. Hanoi is assigned to practice the right to prosecute at the trial.

Among the 50 defendants in court, Mr. Trinh Van Quyet was prosecuted for 2 crimes of fraudulently appropriating assets and manipulating the stock market. Mr. Quyet's two sisters were prosecuted as accomplices, including Trinh Thi Minh Hue and Trinh Thi Thuy Nga.

Many former leaders of FLC Group and companies in the "ecosystem" are also in trouble, including: Huong Tran Kieu Dung (former Standing Vice Chairman of the Board of Directors of FLC Group), Nguyen Thien Phu (former Chief Accountant of FLC Group), Nguyen Quynh Anh (former General Director of BOS Securities Joint Stock Company)...

In addition, a series of former leaders and officials of the State Securities Commission, the Ho Chi Minh City Stock Exchange. Ho Chi Minh City (HOSE) was tried with joint responsibility. Typically, such as: Tran Dac Sinh (former Chairman of the Board of Directors of HOSE), Le Hai Tra (former Deputy Director of HOSE), Le Cong Dien (former Director of the Public Company Supervision Department, State Securities Commission)...

There are about 80 lawyers registered to participate in the defense of the defendants. Among these, former Chairman of FLC Group Trinh Van Quyet has 4 defense lawyers.

In particular, before the trial, the court summoned 30,403 investors who had bought shares in the initial sale of FLC Faros Company (FOS) to the proceedings as victims.

In particular, to serve the trial, the court summoned 30,403 investors who bought ROS shares, as victims; at the same time, summoning 63,092 investors who are holding ROS shares as persons with related rights and obligations.

According to the allegations, from May 2017 to January 2022, Mr. Trinh Van Quyet directed his sister and accomplices to borrow the names of employees, relatives and relatives to prepare documents and procedures for establishing a company, opening securities accounts, and bank accounts.

The defendants then carried out a series of acts of market manipulation for 5 stock codes AMD, HAI, GAB, FLC, ART. After the stock price increased, the defendant Quyet directed to "sell" the shares, making illicit profits of more than VND 723 billion.

Previously, from 2014 to September 2016, the defendant Trinh Van Quyet directed the leaders and employees of Faros Company, companies of FLC Group and their relatives and relatives to be capital contributors, to carry out the tricks of making and signing capital contribution documents, thereby raising the charter capital of Faros Company from VND 1.5 billion to VND 4,300 billion.

Next, the defendants created a dossier, proposed to approve the registration of a public company, register for securities depository and list 430 million shares formed from the short contributed capital of Faros Company. Successfully listing shares, defendant Quyet and his accomplices sold more than 391 million shares of Faros Company, appropriating more than VND 3,600 billion from investors.

In order for the defendant Trinh Van Quyet's mistakes to take place for a long time and to be serious, the procedural agency determined that there was help from a series of leaders and state management officials in terms of securities.

In which, 4 people from HOSE were jointly prosecuted for abusing their positions and powers while performing official duties, including: Tran Dac Sinh, former Chairman of the Board of Directors; Le Hai Tra, former General Director, former member of the Board of Directors, independent member of the Listing Council; Tram Tuan Vu, former Deputy General Director, Vice Chairman of the Listing Council; Le Thi Tuyet Hang, Director of the Listing Management and Appraisal Department, member of the Listing Council.

In addition, many defendants of the State Securities Commission were jointly prosecuted for the crime of disclosing false information or concealing information in securities activities, including: Le Cong Dien, Director of the Public Company Supervision Department; Duong Van Thanh, General Director of the Vietnam Securities Depository; Pham Minh Trung, Head of Securities Registration Department.

Vụ Trịnh Văn Quyết: Bị hại xin giảm án, hé lộ tài sản 5000 tỷ khắc phục hậu quả Hoàng Phúc17:07:18 24/07/2024TAND TP Hà Nội tiếp tục xét xử 50 bị cáo trong vụ án thao túng thị trường chứng khoán và lừa chiếm đoạt tài sản, xảy ra tại Công ty CP Tập đoàn FLC (gọi tắt là Tập đoàn FLC) và các đơn vị có liên quan.