HCMC – Former Chairman of FLC Group Trinh Van Quyet, and numerous accomplices are standing trial for allegedly embezzling over VND3.6 trillion from securities investors.
On the morning of July 22, the Hanoi People’s Court opened the first-instance trial involving stock market manipulation and fraudulent appropriation of assets by Trinh Van Quyet and 49 other individuals.
Quyet and seven others face charges of manipulating the stock market and fraudulently appropriating assets.
The remaining 42 individuals are on trial for various offenses, including abuse of power while performing official duties, disseminating false information, concealing information in securities activities, manipulating the securities market, and fraudulent appropriation of assets.
Nearly 100,000 people have been summoned to the court session, including over 30,000 victims and 64,000 related individuals. These individuals are investors who had previously purchased shares from Trinh Van Quyet.
Quyet has paid more than VND210 billion so far in an attempt to remedy the consequences of the case.
According to the indictment, from 2017 to 2022, Quyet directed his younger sister Trinh Thi Minh Hue, along with many FLC employees, to establish numerous companies on behalf of employees, relatives, and family members.
These individuals then opened stock and bank accounts to manipulate the stock market with five stocks: AMD, HAI, GAB, FLC, and ART.
This scheme inflated the prices of the stocks under the management of the FLC Group, causing losses of VND723 billion for investors and resulting in the group illegally profiting nearly VND1,700 billion.
Regarding the charge of fraudulent appropriation of assets, Quyet is accused of inflating the charter capital of FLC Faros Construction Joint Stock Company to list the ROS stock on the stock exchange, embezzling more than VND3.6 trillion from investors.
