Court receives 5,000 petitions seeking leniency for disgraced tycoon Trinh Van Quyet

The former FLC chairman, whose appeal is being heard in absentia due to illness and "high risk of death," has turned in the entire amount needed to compensate the victims of his stock manipulation, the judges hearing the trial said Tuesday.

VOV reported that one victim who showed up in court said: "I seek a reduced sentenced for Quyet since he has submitted in full the compensation. I hope he can return to society soon to continue making contributions."

Tuyet’s wife has asked for a financial penalty instead of jail time as punishment for his stock manipulation, and reduced jailtime for fraudulent appropriation of assets.

Former FLC chairman Trinh Van Quyet seen at the Hanoi People's Court in 2024. Photo by VnExpress/Ngoc Thanh

A first instance court sentenced him to 21 years’ imprisonment for the two crimes.

The appeal court judges said Quyet and his two sisters, partners in crime, have furnished over VND2.2 trillion (US$84 million) to recompense the victims, or VND22 billion over and above the required sum.

Quyet and his sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, have retracted their request for lowering the compensation amount and now only seek reduced imprisonment.

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 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.

Quyet was found guilty of stock manipulation and fraudulent appropriation of assets.

Hue, the former accountant of FLC, got 14 years, and Nga, former deputy CEO of BOS Securities (an FLC associate company) got eight.