Prosecutors Thursday called on the appeal court to reduce Trinh Van Quyet’s sentence for stock manipulation and fraud from 21 years to seven or eight and impose a fine.
They pointed to several mitigating factors when making their recommendation.
Quyet has turned in to authorities the entire amount of money required to compensate the victims of his crimes. He has not showed up at the appeal trial due to the “high risk of death” he faces from multiple illnesses, the judges said Tuesday.
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Former FLC chairman Trinhi Van Quyet seen at the Hanoi People’s Court in July 2024. Photo by VnExpress/Ngoc Thanh |
Prosecutors recommended a jail term of seven or eight years for fraudulent appropriation of assets and a VND4 billion (US$153,000) fine for stock manipulation, the two crimes for which Quyet got 21 years at a trial in 2024.
They also recommended lighter sentences for Quyet’s two sisters and his partners in the crimes: a VND3.5 billion fine and a 4.5- or five-year jail term for Trinh Thi Minh Hue, a former FLC accountant and a similar fine and 3.5- or four years for Trinh Thi Thuy Nga, former deputy CEO of BOS Securities (an FLC associate company).
They have been handed 14-year and eight-year jail sentences.
The appeal trial began Tuesday and will go on until Saturday.
Quyet acquired construction firm Faros with a registered capital of VND1.5 billion and, along with accomplices, fraudulently claimed on paper that its capital was VND4.3 trillion before listing it on the Ho Chi Minh Stock Exchange.
As of Sept. 5, 2022, when its stock ROS was delisted from the exchange, 63,000 investors (excluding the defendants) held Faros shares and 27,800 demanded compensation during the investigation and trial.
