They face charges including fraudulent appropriation of property, stock market manipulation, abuse of power, and intentionally disclosing false information or concealing information in securities activities.

Among those to be tried is Le Hai Tra, former member of the Board of Directors and Permanent Deputy General Director of the Ho Chi Minh City Stock Exchange. Tra faces charges of abusing his position and power while performing official duties.

Judge Vu Quang Huy, Deputy Chief Justice of the Criminal Court, Hanoi People's Court, will preside over the trial, which is expected to last several days. Over 50 lawyers have registered to defend the defendants, with Trinh Van Quyet having four lawyers on his defense team.

The Hanoi Court has identified 30,403 investors who purchased shares in FLC Faros Construction Joint Stock Company (stock code ROS) as victims in this case. Additionally, over 63,000 investors holding shares of FLC Faros and others with related rights and obligations have been summoned by the court.

According to the indictment, Trinh Van Quyet used Faros Company as a tool to defraud investors for personal gain. He directed other defendants to inflate the company's equity capital from VND 1.5 billion to VND 4,300 billion, completing the procedures to list shares on the stock exchange based on this fictitious capital.

Quyet assigned Doan Van Phuong, former General Director of FLC Group (currently a fugitive), and Trinh Thi Minh Hue (Quyet's sister) to direct and operate activities to legitimize the fraudulent capital increase. They enlisted individuals to act as shareholders to receive the transfer of Faros shares.

The indictment states that defendants from Faros, several auditing firms, and Quyet’s associates carried out his instructions to fabricate documents and records, falsely representing the capital increase in financial reports and listing documents.

Defendants from the Department of Supervision of Public Companies at the State Securities Commission, VSD (Vietnam Securities Depository Center), and Ho Chi Minh City Stock Exchange (HOSE) are accused of approving the listing of 430 million ROS shares based on falsified information.

Quyet used the HOSE to sell over 391 million shares, resulting from the inflated capital contributions, to 30,403 investors, thereby appropriating VND 3,621 billion.

The Supreme People's Procuracy asserts that Quyet’s fraudulent scheme was facilitated by the active participation and assistance of other defendants. They helped legalize the inflated capital contributions, managed investment entrustments, and approved the listing of shares, enabling Quyet to defraud investors.

Quyet is identified as the mastermind behind the scheme, orchestrating the purchase and capitalization of Faros, legalizing the fictitious capital, and selling shares to defraud investors. He is also charged with manipulating five securities codes, profiting illegally by over VND 723 billion, and bears criminal responsibility for four securities codes, amounting to over VND 684 billion in illicit gains.

T. Nhung