The trial is scheduled to resume this June.

After discussions and listening to opinions from lawyers, defendants, and victims present at the trial, the judicial panel stated that postponing the appeal hearing for Trinh Van Quyet, ex-chairman of FLC Group, is necessary to ensure the rights of the victims. The postponement aims to give the defendants and their families more time to pay compensation for victims and those with related rights and obligations.

Before the hearing, former FLC Group Chairman Trinh Van Quyet had submitted a request for either a trial in absentia or a postponement, citing serious health issues leaving him unable to attend the trial. Hospital 19-8 also confirmed Quyet's deteriorating condition, according to the chief judge.

The High-level People’s Court in Hanoi had initially scheduled the appeal hearing in last December but had to postpone it due to the absence of multiple defendants and victims. At that time, Quyet also submitted a request for absence due to health issues.

At the first-instance trial last August, the Hanoi People’s Court sentenced Quyet to 21 years in prison, including 18 years for "fraudulent appropriation of property" and three years for "stock market manipulation". Following the trial, he filed an appeal seeking a reduced prison sentence and lower civil compensation liability.

During the first-instance proceedings, authorities noted that Quyet had already paid over VND254 billion (US$9.9 million) in restitution. After the trial, his wife contributed an additional VND203 billion, and on December 19, she paid another VND150 billion. In total, Quyet and his family have paid over VND600 billion to mitigate damage.

Two other defendants, Quyet’s younger sisters –Trinh Thi Minh Hue and Trinh Thi Thuy Nga, also paid restitution and accepted their civil liabilities as determined by the first-instance verdict.

Before the appeal hearing, Nga’s family and Hue paid VND86 billion and over VND254 billion, respectively. Additionally, Quyet also submitted another VND27 billion.

According to lawyers, before the appeal hearing, the defendants had fully compensated the 133 victims who still held FLC-related stocks.

From May 2017 to January 2022, Quyet instructed relatives and subordinates to use the identities of employees, family members, and acquaintances to establish companies and open securities and bank accounts, according to the first-instance verdict.

The defendants then engaged in a series of stock market manipulation activities involving five stock codes: AMD, HAI, GAB, FLC, and ART. Once the stock prices were inflated, Quyet directed the sale of shares, illicitly profiting more than VND723 billion.

From 2014 to September 2016, Quyet instructed individuals who were leaders or employees of the Faros company, as well as other companies within the FLC Group, along with relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's chartered capital from VND1.5 billion to VND4.3 trillion. Quyet later listed and sold shares, illegally appropriating VND3.621 trillion from investors.

Prison sentence proposed for former FLC Chairman

A prison term from 24 to 26 years has been proposed for Trinh Van Quyet, former chairman of the Board of Directors of the real estate developer FLC Group JSC, for the charges of "fraudulent appropriation of property" and "stock market manipulation".