On June 26, the High People’s Court in Hanoi amended the first-instance verdict and sentenced Trinh Van Quyet, former chairman of FLC Group, to 7 years in prison for fraud and asset appropriation.
For the charge of stock market manipulation, the court imposed a fine of VND 4 billion (approximately USD 157,000).
The initial sentence had handed Quyet 21 years in prison for both fraud and market manipulation.
His two sisters, Trinh Minh Hue and Trinh Thi Thuy Nga, also received reduced sentences. Hue was sentenced to 4 years and 6 months for fraud and fined VND 3.5 billion (about USD 137,000) for stock manipulation.
Nga received 38 months and 21 days, equivalent to her time in custody, and was fined VND 3 billion (around USD 117,000). She was released in court as she had already served the full sentence and was not detained in any other case.
Originally, Hue and Nga were sentenced to 14 and 8 years respectively for similar charges.
The appellate panel cited mitigating factors, including Quyet’s payment of VND 1.886 trillion (approximately USD 74 million) in restitution, exceeding the required amount by nearly VND 20 billion. Over 5,000 letters were submitted requesting leniency on his behalf. The court also noted Quyet’s poor health, cooperative attitude, and clean criminal record.
At the appellate hearing, Quyet paid an additional VND 24 billion (around USD 942,000), which contributed to the court’s decision to reduce his sentence and convert the market manipulation charge into a monetary penalty.
Similarly, reduced penalties were applied to his sisters and other co-defendants, which the court said reflected the law’s humanitarian spirit.
Requests by victims to increase the penalties were denied, as they did not have standing to request harsher punishment beyond the scope of their direct involvement.
Sentences reduced for former HoSE executives
The appellate court also reduced sentences for defendants who had not filed appeals, maintaining suspended sentences for those granted them earlier.
Notably, Le Hai Tra, former Deputy CEO of the Ho Chi Minh Stock Exchange (HoSE), and Tran Dac Sinh, former HoSE Chairman, saw their sentences reduced despite not appealing. Tra received a 4-year sentence (down from 5 years) for abuse of power, while Sinh's sentence was reduced to 4 years and 6 months from 6 years and 6 months.
Tra had voluntarily paid VND 100 million (USD 3,920) to offset damages and was supported by letters of clemency from HoSE staff and various financial firms. His family’s background of revolutionary contributions also played a role.
Additionally, the appellate court replaced prison sentences with monetary penalties for 11 other defendants convicted of stock market manipulation.
T. Nhung