On 24/7, the Hanoi Civil Judgment Enforcement Agency announced that those eligible for compensation should begin the claims process.

Applicants need to prepare a file including: an application for judgment enforcement, a transfer request form, a copy of their citizen identity card, passport, or residency verification document, bank account information, and a power of attorney or authorization contract if applying through a representative. If transferring funds to another person's account, a valid power of attorney is required.

To ensure a smooth process and avoid overcrowding, the agency recommends submitting applications by mail to their one-stop office at 13 Nhan My, Tu Liem Ward.

The agency clarified that eligible recipients are listed in appendices 1 and 3.1 of the Hanoi High People's Court's appellate judgment. Other investors harmed or involved who haven't yet filed a claim can pursue their rights in a separate civil case.

Investors who sold ROS shares to others can negotiate privately with the buyers regarding compensation for the inflated value. Any disputes can be addressed in a separate civil lawsuit.

Defendants in the FLC appellate trial. Photo: Ngoc Thanh

The case revolves around Mr. Trinh Van Quyet's group, which, after five instances of fraudulent capital increases, listed 43 million ROS shares on the HoSE, selling initially to 25,853 victims and misappropriating 3,621 billion VND. Many investors later sold these shares, some multiple times, mixing the shares within subsequent transactions.

Some investors who sold all their shares are not seeking compensation, while others were unaware of the fraud.

As of 5/9/2022, the date ROS was delisted from HoSE, 63,075 investors (excluding the defendants) held over 567 million ROS shares. During the investigation and trial, over 27,881 investors filed for compensation.

The court identified 133 individuals holding ROS shares from the initial sale as victims, each entitled to 7,215 VND per share. The remaining 27,881 individuals with related claims will receive over 1,783 billion VND. The total compensation amount is nearly 1,786 billion VND.

Mr. Trinh Van Quyet after the first-instance trial, August 2024. Photo: Giang Huy

The appellate judgment, effective from 26/6, sentenced former FLC Chairman Trinh Van Quyet to 7 years for fraud (down from 18 years in the initial trial) and a 4 billion VND fine for stock market manipulation (down from 3 years). Mr. Quyet has overcompensated for the damages by over 20 billion VND (totaling 1,886 billion VND to date).

His payment will cover the overall damages, with any surplus going towards court fees and other expenses. The remaining amount, with Mr. Quyet's consent, will be transferred to the State Treasury.

The appellate court also commuted the prison sentences for stock manipulation to fines and reduced the fraud sentences for Mr. Quyet’s sisters, Trinh Thi Minh Hue and Trinh Thi Thuy Nga. Ms. Hue received a 3.5 billion VND fine and a 4-year, 6-month sentence (down from 14 years), while Ms. Nga received a 3 billion VND fine and a sentence equal to her time served (38 months and 21 days).

Ms. Huong Tran Kieu Dung, former Standing Vice Chairwoman of FLC, received a 3-year, 6-month sentence for fraud and a 3 billion VND fine for stock market manipulation. Others involved in stock manipulation also had their prison sentences commuted to 2 billion VND fines each.