On June 5, Le Thi Ngoc Diep, wife of former FLC Group Chairman Trinh Van Quyet, paid an additional VND 1,400 billion (approx. USD 55 million) to the Hanoi Civil Judgment Enforcement Department to help settle her husband’s liabilities. Previously, Quyet’s family had paid VND 1,072 billion (approx. USD 42 million), bringing the total restitution to VND 2,472 billion (approx. USD 97 million).

According to the initial court ruling, Quyet and his two sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga, were ordered to pay VND 2,470 billion (USD 96.8 million) to the state treasury for their roles in a high-profile fraud and market manipulation case involving FLC.

This development may significantly influence the outcome of the appellate trial scheduled for June 17 at the Hanoi High People’s Court, which was previously postponed due to Quyet’s health issues.

At the peak of her wealth during FLC’s golden era, Diep was among the richest women on the Vietnamese stock exchange. In mid-2017, she held 20.2 million shares of FLC Faros Construction JSC (ROS), equivalent to 4.7% of the company, valued at approximately VND 3,400 billion (USD 145 million). By late 2018, she owned nearly 26.7 million ROS shares. However, by January 2019, she had sold all of them, exiting the list of shareholders.

With ROS stock plummeting by the end of 2018 to around VND 31,000 per share, her stake at that time was worth only around VND 830 billion (USD 35.4 million).

During the trial on July 23, 2024, Diep stated that all assets frozen or seized during the investigation were jointly owned with her husband, some of which were mortgaged to banks. She consented to liquidate all shared assets to help her husband remedy the consequences of the case. Diep also shared that Quyet, while in detention, expressed a strong desire to repay the damages by selling assets and borrowing from friends and family.

Quyet claimed his personal assets were worth VND 5,000 billion (USD 213.4 million) accumulated over two decades. He also disclosed the sale of Bamboo Airways for VND 700 billion (USD 29.9 million), of which only VND 200 billion (USD 8.5 million) had been paid.

Seized properties included real estate in Hanoi’s My Dinh 2 urban area, totaling more than 1,199 square meters across three parcels. Quyet also held more than 215 million FLC shares and 218 million shares in FLCHomes, a real estate firm originally known for managing FLC-branded golf courses before pivoting to nationwide real estate development.

Once one of Vietnam’s most high-profile business figures, Quyet shot to fame through the rapid rise of FLC Group and related companies, including landmark projects in Sam Son, Quy Nhon, and Ha Long. His meteoric rise peaked in 2016–2017 when ROS stock soared, making him temporarily the wealthiest person on Vietnam's stock exchange.

By November 2016, Quyet held nearly 290 million ROS shares. At its peak of VND 215,000 per share (USD 9.2), his holdings were valued at nearly VND 33,000 billion (USD 1.4 billion), surpassing even billionaire Pham Nhat Vuong at that time.

However, Quyet and his associates later sold 391 million ROS shares to over 30,400 investors, allegedly defrauding them of VND 3,620 billion (USD 154.5 million). This led to criminal charges for “fraudulent appropriation of assets.”

In addition to ROS, Quyet’s family also held stakes in numerous companies in the FLC ecosystem, including FLC Group, FLC Faros (ROS), FLC Mining and Asset Management (GAB), HAI Agrochem (HAI), BOS Securities (ART), FLC Stone (AMD), and CFS Import Export (KLF).

As of late 2021, Quyet owned over 215 million FLC shares, accounting for more than 30% of the company. On January 10, 2022, he attempted to sell 74.8 million FLC shares without prior disclosure, resulting in the transaction being annulled by the Ho Chi Minh Stock Exchange.

Manh Ha