On March 25, 2025, the High People's Court in Hanoi made a significant decision to postpone the appeal trial concerning the FLC Group case, a ruling that involves high-profile figures and substantial financial repercussions.
This case centers on Trinh Van Quyet, the former chairman of the FLC Group, who has been embroiled in a scandal involving stock market manipulation and fraudulent appropriation of assets. As the court outlines, the appeal trial is set to reopen in June 2025, though the specific date remains to be confirmed.
Initially, Quyet’s attorney communicated to the court that the defendant was suffering health issues, including pulmonary tuberculosis, which has worsened since December 2024. His condition has reportedly deteriorated to include grade 3 acute heart failure, posing life-threatening risks that prevented him from attending the trial, according to legal representatives.
In a further reveal, the court heard that since the first postponement, Quyet’s efforts in recovering funds have been noteworthy. It was reported that nearly 1,000 billion VND has been recouped thus far, with Quyet’s wife pledging an additional 100 to 200 billion VND in recovery this week. They also committed to completely remedying the financial repercussions by May 2025, reflecting a significant endeavor to mitigate damages caused by the fraudulent activities.
During the initial trial in August 2024, Quyet was sentenced to 21 years in prison for charges including “stock market manipulation” and “fraudulent appropriation of assets.” Two of his sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, received prison sentences of 14 years and 8 years, respectively, for their involvement in the same offenses. The court found that Quyet and his associates inflated the registered capital of the Faros Construction Joint Stock Company and created false documents to deceive investors, amassing over 3,621 billion VND.
From 2017 to 2022, Quyet was reported to have directed operations to manipulate the stock market by utilizing borrowed identification documents from employees and acquaintances to establish various companies and bank accounts for illicit activities. This led to theartificial inflation of prices for five specific stocks: AMD, HAI, GAB, FLC, and ART, which garnered them over 700 billion VND in illicit profits.
The public interest in the trial continues to be high due to the significant implications it holds for financial governance and investor protection within Vietnam's burgeoning stock market. The court’s recent decision to postpone the trial indicates a careful consideration of the ongoing recovery efforts and the potential implications for involved parties.
Legal representatives for Quyet, advocating for the possible extension of the trial delay, stated that efforts to repay and restore funds are underway. In this context, a representative from the High People's Prosecutor's Office expressed that Quyet's declining health, combined with his key role in the case, prompts a reevaluation of the trial timeline to ensure all legal rights are upheld.
This case serves as a critical examination of the plight faced by numerous victims who fell prey to deceptive practices in the stock market, illustrating a broader narrative around fraud, economic stability, and investor trust.
As Vietnam navigates through complex economic reform and financial regulation, cases like that of Trinh Van Quyet and the FLC Group highlight the violence of fraudulent undertakings in the stock exchange, urging authorities to take decisive action against similar offenses.
The ongoing developments in the FLC Group saga are likely to resonate across the financial landscape in Vietnam, indicating the necessary transformations needed in regulatory frameworks to safeguard investor interests and uphold corporate accountability.
