On March 25, 2025, the appellate court's decision to postpone the appeal trial of Mr. Trinh Van Quyet and 24 others has drawn significant attention amidst a complex legal case involving serious allegations of stock market manipulation and fraud. The hiatus is deemed necessary to safeguard the rights and interests of the defendants, victims, and related parties as the court requires more time to assess the progress made in addressing the consequences of these allegations and damages incurred.
The appellate trial follows a previous hearing held on December 26, 2024, when the High People's Court in Hanoi brought charges against Mr. Quyet and others for their roles in the case categorized as “Stock Market Manipulation” and “Fraudulent Appropriation of Assets” related to FLC Group and associated entities. However, that initial trial was postponed due to Mr. Quyet’s severe health issues, which include bronchial asthma, pulmonary tuberculosis, and multiple other complications requiring extensive medical care, including continuous oxygen therapy.
Mr. Quyet’s legal counsel cited these medical complications, emphasizing the high risk of his condition, which prevents him from participating effectively in court proceedings. During the recent session, Mr. Quyet’s lawyer petitioned for an adjournment, explaining that their client is on a strict treatment regimen for various ailments, including a drug allergy that has led to complications like hemoptysis and kidney failure due to tuberculosis medications. The court acknowledged these serious health concerns in its consideration to postpone the trial, emphasizing the need for a fair judicial process.
In previous hearings, Mr. Quyet has made significant claims regarding his personal assets. He stated that his accumulated wealth over a span of 20 years is estimated to be between 4,800 and 5,000 billion VND, and expressed a desire to rectify the damages of approximately 4,000 billion VND resulting from his actions. The appellate court aims to reconvene in June 2025, at which time Mr. Quyet and the other defendants are expected to address both the legal matters and any remediation for victims involved in the case.
At the heart of the charges against Mr. Quyet lies a series of alleged fraudulent activities tied to the purchasing of Faros Company. It has been identified that he led efforts to manipulate the company’s financials by contributing fictitious capital that inflated its worth from 1.5 billion VND to an astonishing 4,300 billion VND. Reporting suggests that he was the mastermind behind registering the company as a public entity, issuing securities, and subsequently listing shares on the HOSE.
Furthermore, Mr. Quyet is accused of orchestrating the distribution of over 391 million ROS shares to more than 30,000 investors, which resulted in an estimated 3,621 billion VND being wrongfully appropriated. Adding to the complexity of the case, Quyet allegedly directed illegal financial transactions utilizing accounts managed by Trinh Thi Minh Hue, who is named in connection with manipulating several stock codes, accruing illegitimate profits exceeding 723 billion VND.
The situation reflects broader issues within Vietnam's financial regulations and the need for stricter enforcement against fraudulent practices in the stock market. The outcomes of this trial and the potential implications for the involved parties may serve to influence regulatory measures moving forward, aiming to restore investor confidence and ensure ethical conduct within financial markets.
Legal experts and analysts remain keenly observant as the case proceeds, eager to see how the judiciary balances the rights of the accused against the severity of the allegations. The court has urged all involved parties, including the defendants’ legal teams and claimants, to arrange their schedules to be present when the trial recommences, ensuring compliance with legal protocols.
As each party prepares for the next phase of this high-profile case, the Vietnamese public looks on, closely considering the implications of justice and accountability within their economic landscape. The resumption of this trial presents a significant crossroads not only for Mr. Quyet and his co-defendants but also for the upholdance of integrity in Vietnam's financial systems.
In the coming months, the actions taken by the court might set important precedents regarding penalties for financial misconduct in Vietnam, emphasizing the judicial system's role in managing and mitigating corruption within the corporate sector.
The June 2025 hearing will undoubtedly be pivotal; concluding legal determinations made by the appellate court could reshape the lives of those involved, and serve as a reflective moment for Vietnam's continuing battle against corruption in the financial realm.
