Mr. Trinh Van Quyet's sentence was reduced by 14 years, his sister was released in court.

On the morning of June 26, after 10 days of trial and lengthy deliberation, the High People's Court announced the appeal verdict for former Chairman of FLC Group Trinh Van Quyet and his accomplices.

Former FLC Group Chairman Trinh Van Quyet's prison sentence was changed to a fine for stock market manipulation.

PHOTO: PHUC BINH

Mr. Trinh Van Quyet's prison sentence was converted to a fine.

The Court of Appeal decided to reduce the sentence of former Chairman of FLC Group Trinh Van Quyet from 21 years in prison (combined sentence) to 7 years in prison for fraud and appropriation of property and fine 4 billion VND for stock market manipulation.

The reason is that Mr. Quyet has many new mitigating circumstances. In particular, the defendant has completely remedied the damage of nearly 2,500 billion VND. This is the key point to determine the level of punishment, showing remorse, repentance, and the desire to reduce the damage to investors.

The defendant was also recorded to have many respiratory diseases, according to the hospital diagnosis with a "very high risk of death"; had many outstanding achievements in studying and working; was a first-time offender; and had a family with revolutionary contributions.

Mr. Quyet also has more than 5,000 petitions for leniency from many government agencies, victims, business associations, FLC Group employees...

Mr. Quyet's two younger sisters, Trinh Thi Minh Hue (first instance combined sentence of 14 years in prison) and Trinh Thi Thuy Nga (first instance combined sentence of 8 years in prison) also had their sentences reduced.

For the crime of fraud and appropriation of property, the appeals court reduced Ms. Hue's sentence to 4 years and 6 months in prison, and Ms. Nga's sentence to the same time in detention (released in court).

For the crime of stock market manipulation, Ms. Hue was fined 3.5 billion VND; Ms. Nga was fined 3 billion VND.

In addition to the three Quyet brothers, many other defendants had their sentences reduced. Some defendants, even though they did not appeal, had their sentences reduced by the appellate court to match the sentences of the ringleaders who had their sentences reduced earlier.

The appeals of the victims and related parties requesting a heavier sentence were not accepted by the appellate court. This was because the defendants had already remedied all the consequences, many had new mitigating circumstances, and committed crimes due to respect and dependence on superiors and subordinates...

Defendants at the appeal hearing

PHOTO: PHUC BINH

Fix the entire nearly 2,500 billion

The verdict determined that Mr. Trinh Van Quyet and his accomplices manipulated 5 stock codes AMD, HAI, GAB, FLC, ART, illegally profiting more than 723 billion VND. Defendant Quyet also directed his subordinates to inflate the capital of FLC Faros Construction Joint Stock Company, registered to list 430 million ROS shares on the HOSE stock exchange, then sold them to investors, appropriating more than 3,600 billion VND.

In addition to criminal liability, the court ordered Mr. Quyet and his sister to jointly compensate more than 1,700 billion VND to investors who bought ROS shares. Mr. Quyet also had to jointly pay more than 680 billion VND, determined to be the amount of illegal profits from stock manipulation.

After the first instance, Mr. Quyet's family recovered the entire amount of nearly 2,500 billion VND, even overpaying more than 20 billion VND. The appeal hearing took place, the family of the former Chairman of FLC Group continued to pay an additional 24.5 billion VND with the reason of ensuring the obligation to pay fines for all defendants in the group of stock market manipulation, if the court accepted to change from imprisonment to fine.

Similar to the previous two court hearings, Mr. Trinh Van Quyet submitted a request to be tried in absentia because he was undergoing medical treatment. Diagnosis from the medical facility showed that the defendant suffered from many illnesses, with a "very high risk of death" prognosis.

During the trial, Mr. Quyet's wife and the defense lawyer repeatedly emphasized that the family of the former Chairman of FLC Group had fully remedied the consequences. They hoped that the appellate court would consider changing the prison sentence to a fine for defendant Quyet for stock market manipulation, or better yet, exempt him from criminal liability.

For the crime of fraud and appropriation of property, they proposed that the defendant be given a sentence equal to the time in detention.