On the morning of 26/6, after 6 days of deliberation, the High People's Court in Hanoi announced its appellate decision on the appeals of Quyet, his two siblings, and 23 others, all seeking reduced sentences.
The court heard Quyet's appeal to reduce his prison sentence for fraud (originally 18 years) to time served and to convert his market manipulation sentence (originally 3 years) from imprisonment to a fine.
The appellate panel noted that Quyet presented new evidence, including documentation of his poor health and ongoing hospital treatment, citing a "very high risk of death". Significantly, he overpaid restitution, exceeding the required amount by over 22 billion VND, reaching a total of 1,786 billion VND. Over 100 victims and 5,000 individuals and organizations submitted petitions for leniency.
Although absent throughout the appeal hearing due to his health, Quyet's confession, remorse, numerous commendations, and full restitution were acknowledged by the court, leading to a partial acceptance of his appeal.
The court also accepted the appeals of Quyet's two sisters, converting their prison sentences for market manipulation to fines and reducing their sentences for fraud, citing mitigating factors.
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Trinh Van Quyet after the first-instance trial, August 2024. Photo: Giang Huy |
Trinh Van Quyet after the first-instance trial, August 2024. Photo: Giang Huy
The court dismissed appeals from some victims seeking harsher sentences for the defendants, citing the lack of new evidence and the completion of restitution. Appeals for increased penalties from other related parties were also rejected due to lack of grounds.
According to case files, Quyet and his accomplices fraudulently inflated Faros's capital to 4,300 billion VND before listing it on the Ho Chi Minh City Stock Exchange (HoSE). The court deemed this fraud, as over 25,000 investors purchased Faros's ROS shares, totaling over 3,620 billion VND.
Of the 430 million shares issued based on Faros's stated capital of 4,300 billion VND, 3,102 billion VND was inflated, meaning 72.15% of each ROS share's value was fabricated. The face value of each ROS share at the time was 10,000 VND.
Therefore, the defendants inflated each share by 7,215 VND and are liable for compensating victims this amount per share owned.
As of 5/9/2022, when ROS was delisted from HoSE, 63,075 investors (excluding the defendants) held over 567 million ROS shares. During the investigation and trial, 27,866 investors filed for compensation.
After the first-instance trial, Quyet and his two siblings were held jointly liable for 2,467 billion VND in restitution. Quyet's wife made multiple payments before the appeal, exceeding the required amount by 22 billion VND.
During the appeal hearing, Quyet's lawyer stated that his family deposited an additional 24.5 billion VND, on top of the existing overpayment, to cover potential fines for market manipulation if the court agreed to convert the prison sentences. Any remaining funds would cover fines for other defendants.
Prior to the appeal, the court received over 5,000 petitions for leniency for Quyet from victims, FLC employees, several associations, and local authorities.
Since the initial verdict on 5/8/2024, Quyet has been absent from court due to "multiple respiratory illnesses and a very high risk of death requiring long-term treatment", according to his lawyer and submitted medical documents.
Pham Du - Thanh Lam
