The latest amount of VND1.4 trillion was submitted by his wife to the Hanoi Department of Civil Judgement on June 5, almost two weeks before the scheduled appeal court session of Quyet on June 17.
The Hanoi People’s Court in August last year sentenced Quyet to 21 years in prison for fraudulent appropriation of assets and stock manipulation.
His two sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, who were assisted him in the crimes, were sentenced to 14 and 8 years, respectively.
All three of them have appealed, seeking reduced sentences and lesser compensation.
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Former FLC chairman Trinh Van Quyet seen at the Hanoi People’s Court in July 2024. Photo by VnExpress/Ngoc Thanh |
Quyet’s wife Le Thi Ngoc Diep, in a letter to the court of appeal, said that the cash submission “demonstrated a clear sense of responsibility, sincerity, and goodwill” and hoped it served as “a sincere apology to shareholders, investors, and the society.”
She requested leniency and a reduced sentence for Quyet and his two sisters.
Quyet was absent from his appeal hearing in Hanoi in March due to serious health issues that his lawyer described as life-threatening. Lawyer Nguyen Trong Nghia informed the court that Quyet, 49, is in “critical condition, with his life at risk,” citing a diagnosis of stage 3 heart failure and other medical complications.
His family also sought the court for more time to fully compensate the victims.
The court of first instance last year determined that as FLC chairman, Quyet acquired construction firm Faros with a registered capital of VND1.5 billion and incorporated it into his ecosystem of 82 firms.
Quyet and his accomplices then used fraudulent methods to inflate Faros’ capital on paper to VND4.3 trillion and listed its shares on Vietnam’s main bourse Ho Chi Minh Stock Exchange.
As of Sept. 5, 2022, when ROS was delisted from the exchange, over 63,000 investors (excluding the defendants) held Faros shares. During the investigation and trial, over 27,800 investors requested compensation for damages.
