The former chairman of property developer FLC was also fined VND4 billion (US$153,000) for stock manipulation by the Hanoi People’s High Court Thursday.
The judges said they took into consideration the fact that Quyet has furnished over VND1.88 trillion to compensate the victims of his crime, exceeding the required amount by VND20 billion.
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Former FLC chairman Trinh Van Quyet seen at the Hanoi People’s Court in August 2024. Photo by VnExpress/Ngoc Thanh |
Over 5,000 petitions from individuals and organizations, including 100 victims, were submitted to the court seeking leniency for him.
Though absent during the appeal trial due to severe illness that poses a “high risk of death,” he has been cooperating and showing remorse during investigation, the court said.
It also reduced the punishment for Quyet’s two sisters who collaborated with him in the two crimes.
Trinh Thi Minh Hue, former accountant of FLC, received 4.5 years instead of 14 years and a fine of VND3.5 billion.
Trinh Thi Thuy Nga, former deputy CEO of BOS Securities, an FLC associate company, had her sentence reduced from eight years to a little more than three and fined VND3 billion.
Another key accomplice, Huong Tran Kieu Dung, former deputy chairwoman of FLC, received 3.5 years instead of 8.5 years plus a fine of VND3 billion.
Last year a court ruled that Quyet, while FLC chief, acquired construction firm Faros with a registered capital of VND1.5 billion and, along with some accomplices, fraudulently claimed on paper that its capital was VND4.3 trillion and listed its shares on the Ho Chi Minh Stock Exchange.
As of Sept. 5, 2022, when ROS was delisted from the exchange, 63,000 investors (excluding the defendants) held Faros shares.
