After deliberation, the Appellate Court decided to postpone the trial of Trinh Van Quyet and 24 other defendants to ensure the rights of the accused, victims, and those with related interests and obligations.

Postponement to facilitate restitution

This afternoon (March 25), following opinions from lawyers, defendants, related parties, and representatives from the Procuracy, the Appellate Panel concluded that postponing the trial was necessary.

The delay aims to give the defendants, especially Trinh Van Quyet, time to address the consequences of the case and compensate the victims and affected parties.

The court announced that the trial would be rescheduled for June 2025. It urged all lawyers and related parties to arrange their schedules to attend the next session, ensuring compliance with legal procedures. Once the exact date is determined, the court will issue notifications to all involved parties.

Previous trial postponements

The case, involving charges of "Stock Market Manipulation" and "Fraudulent Appropriation of Assets" related to FLC Group and its affiliates, was first brought to the High People’s Court in Hanoi on December 26, 2024.

However, that trial was postponed because Trinh Van Quyet was hospitalized with multiple health issues, including asthma, pulmonary tuberculosis, allergic reactions to tuberculosis medication, hemoptysis, hepatitis, renal failure from tuberculosis drugs, gastritis, and digestive disorders.

In this current session, Quyet’s lawyer again requested a postponement, citing the defendant’s ongoing treatment for severe illnesses, high risk of death, frequent breathing difficulties, and the need for continuous oxygen therapy and non-invasive mechanical ventilation.

The defense also requested additional time for Quyet’s family to address the financial restitution associated with the case.

Financial restitution and legal responsibility

During the previous trial, when questioned about the plan to compensate for damages exceeding 4,000 billion VND (around $164 million), Quyet stated that his personal assets, accumulated over more than 20 years, were valued between 4,800 and 5,000 billion VND (about $197 to $205 million). He expressed his desire for the opportunity to rectify the damage.

Quyet was identified as the mastermind behind the acquisition of Faros Construction Joint Stock Company, orchestrating the false capital contribution to increase Faros’ registered capital from 1.5 billion VND (about $62,000) to 4,300 billion VND (around $177 million).

He then registered Faros as a public company, listed its shares on the HOSE stock exchange, and sold over 391 million ROS shares - formed from inflated capital contributions - to 30,403 investors, misappropriating more than 3,621 billion VND (around $149 million).

Furthermore, Quyet was found to have opened, managed, and used multiple stock trading accounts, manipulating five securities codes and illegally profiting over 723 billion VND (about $29.7 million) through speculative trading directed by Trinh Thi Minh Hue, the accountant of FLC Group.

T. Nhung