Quyet, a native of Vinh Phuc, who once topped the stock market’s rich list, disclosed his significant holdings in various enterprises and real estate properties during a recent court appearance.

On July 23, in response to compensation plans for a 4,300 billion VND loss, Trinh Van Quyet stated that his personal assets, accumulated over more than 20 years and now seized, are valued at approximately 4,800-5,000 billion VND. He expressed his hope for conditions that would allow him to make restitution.

There was a time when Quyet was the richest person on the stock exchange. At that time, his assets were nearly 1.5 billion USD, surpassing billionaire Pham Nhat Vuong, based on stock market valuations.

What are Trinh Van Quyet's current assets and their value?

Quyet revealed that his assets, accumulated over more than 20 years, include over 215.4 million FLC shares, representing 30.34% of the company’s charter capital. Despite the trading suspension and delisting of 710 million FLC shares since February 20, 2023, Quyet maintains that these shares hold significant value due to FLC’s substantial assets, including 5,000-6,000 five-star hotel rooms.

In addition to his shares, Quyet owns real estate, including two parcels of land in My Dinh 2 Urban Area (799.6m² and 199.9m²) and another property in Nam Tu Liem District, Hanoi (199.9m²). He also previously held over 218 million shares in FLCHomes, which initially focused on operating golf courses before expanding into real estate development nationwide.

Quyet also noted the sale of Bamboo Airways for 700 billion VND, with 200 billion VND paid and 500 billion VND still pending. However, recent financial reports have shown significant losses for FLC, with a revenue of 430 billion VND and a loss of 785 billion VND in Q3 2022. The company's total assets were reported to be over 36,200 billion VND, with short-term receivables exceeding 15,700 billion VND and construction costs in progress amounting to over 8,700 billion VND.

Historical wealth and market influence

Trinh Van Quyet's rapid ascent on the stock market was marked by his association with FLC Group and its projects in Sam Son (Thanh Hoa), Quy Nhon (Binh Dinh), and Ha Long (Quang Ninh). In 2016-2017, Quyet became the richest person on the stock exchange due to the dramatic rise in FLC Faros Construction Joint Stock Company (ROS) shares. At its peak, ROS shares surged from 10,500 VND to 215,000 VND per share within a few months.

With a significant shareholding, Quyet's wealth briefly surpassed that of billionaire Pham Nhat Vuong, with assets valued at around 33,000 billion VND ($1.44 billion) in November 2016. His wife, Le Thi Ngoc Diep, also entered the top 10 richest people on the stock market during this period.

However, Quyet's fortune has since declined following the sale of 391 million ROS shares and subsequent legal issues, including accusations of fraud and asset seizure. The exact current value of Quyet's assets remains uncertain due to the lack of recent financial disclosures from FLC.

Manh Ha