In addition to Mr. Trinh Van Quyet, 49 other defendants will be brought to trial for the crimes of Fraudulent appropriation of property, Stock market manipulation, Abuse of position and power while performing official duties, and Intentionally disclosing false information or concealing information in securities activities.

Among those brought to trial is Mr. Le Hai Tra (former member of the Board of Directors, permanent Deputy General Director, independent member of the Listing Council of the Ho Chi Minh City Stock Exchange). Mr. Le Hai Tra was prosecuted for the crime of Abusing position and power while performing official duties.

Judge Vu Quang Huy, Deputy Chief Justice of the Criminal Court, Hanoi People's Court, presided over the trial. The trial lasted for many days.

Up to now, more than 50 lawyers have registered to defend the defendants. Of these, defendant Trinh Van Quyet has 4 lawyers participating in his defense.

The Hanoi Court determined that 30,403 investors who purchased shares (initial sale) of FLC Faros Construction Joint Stock Company (stock code ROS) were victims in the case. Those with related rights and obligations, including more than 63,000 investors holding shares of FLC Faros Construction Joint Stock Company and other people with related rights and obligations, were also summoned by the court.

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Mr. Trinh Van Quyet. Photo: Hoang Ha

Mr. Trinh Van Quyet was identified as the mastermind.

According to the accusation, with the purpose of appropriating investors' money for his own purposes, Mr. Trinh Van Quyet used Faros Company as a tool, directing other defendants to commit fraudulent acts to increase the owner's equity in this company from 1.5 billion to 4,300 billion VND.

Then, complete the procedures to list shares corresponding to the value of the fake capital contribution of Faros Company on the stock exchange; use the HOSE floor as a tool and means to sell shares, appropriating investors' money.

To appropriate the money, Mr. Trinh Van Quyet assigned Mr. Doan Van Phuong (former General Director of FLC Group, who has absconded) and Ms. Trinh Thi Minh Hue (Mr. Quyet's sister) to directly direct and manage all activities to legalize the fake capital increase documents; directly asked a number of individuals to stand in as shareholders to receive the transfer of shares of Faros Company.

The accusation is that the defendants from Faros Company, some auditing companies, relatives of Mr. Trinh Van Quyet, Ms. Trinh Thi Minh Hue... carried out the instructions of Mr. Phuong and Ms. Hue to sign legal procedures to increase the capital contribution and legalize the use of the fake capital contribution; recorded this false information in the Audited Financial Report, Prospectus to complete the dossier for listing ROS shares on the stock exchange.

In relation to the case, the defendants from the Department of Supervision of Public Companies of the State Securities Commission, VSD (Vietnam Securities Depository) and HOSE were accused of using false information in the audited financial statements and documents provided by Faros Company to approve the public company, register securities and list 430 million ROS shares on HOSE.

With the above motives, purposes and tricks, Mr. Trinh Van Quyet used the HOSE floor as a means to sell more than 391 million shares formed from inflated capital contributions to 30,403 investors on the stock exchange, appropriating 3,621 billion VND.

According to the Supreme People's Procuracy, to cause the above consequences, there was active participation and assistance of the defendants in the case in the process of inflating capital contributions, entrusting investments, receiving investment entrustments, legalizing cash flow from fictitious capital contributions; determining fictitious capital contributions; approving the listing of shares to facilitate Mr. Trinh Van Quyet to sell shares formed from fictitious capital contributions of owners, appropriating money from investors on the stock exchange.

Mr. Trinh Van Quyet was identified as the mastermind, the person who decided to direct the purchase of Faros Company; decided and directed the contribution of false capital, the use of false capital to legalize the increase and use of false capital of Faros Company from 1.5 billion VND to 4,300 billion VND; registered as a public company, registered securities and listed shares on the HOSE, sold more than 391 million ROS shares formed from falsely increased capital to 30,403 investors, appropriating more than 3,621 billion VND.

Defendant Trinh Van Quyet was also the mastermind, decision maker, and director of the opening, management, and use of securities accounts; decided and directed the provision of fictitious money to accounts managed by defendant Hue to manipulate 5 securities codes, illegally profiting more than 723 billion VND. Of which, he must bear criminal responsibility for 4 securities codes, illegally profiting more than 684 billion VND.