Earlier, the appellate court trial for Trinh Van Quyet, his two younger sisters, and other related defendants had to be postponed twice due to Quyet’s deteriorating health condition.

At the appellate hearing on March 25, the High People’s Court in Hanoi once again postponed the proceedings due to a high risk of fatality for the defendant.

The court announced that Quyet had submitted a request to be tried in absentia, citing his poor health. He reportedly suffers from shortness of breath and full-body rashes due to drug allergies.

Quyet is currently battling multiple illnesses with life-threatening complications, requiring constant oxygen support. He is being treated with anti-allergy medication and non-invasive ventilation and must remain hospitalized, making it impossible for him to attend court.

At the hearing, defense attorney Nguyen Trong Nghia requested that the court allow more time for his client to complete the full restitution. Despite his illness, Quyet has already paid close to VND 1 trillion (USD 40 million) on behalf of himself and his two sisters.

According to Nghia, in the charge of "stock market manipulation," Quyet has repaid the full amount of VND 500 billion (USD 20 million). Additionally, Quyet’s wife has submitted a letter to the court, pledging to repay another VND 100–200 billion (USD 4–8 million) within the week and continue to resolve the outstanding amount.

Initial figures indicate that after the first-instance trial, Quyet had repaid about VND 254 billion (USD 10.1 million). By December 26, 2024, this figure had increased by more than VND 300 billion (USD 12 million). By the appellate hearing on March 25, the total repayment by Quyet and his sisters reached around VND 1 trillion (USD 40 million).

However, the total restitution Quyet is required to pay amounts to approximately VND 2.4 trillion (USD 95.8 million), meaning he still owes around VND 1.4 trillion (USD 55.9 million) in compensation.

At the earlier first-instance trial, Quyet told the court that his personal assets, accumulated over more than 20 years and now frozen, were worth about VND 4.8–5 trillion (USD 191–199 million), and expressed his desire to be allowed to make restitution.

Trinh Van Quyet has been identified as the mastermind behind the acquisition of Faros Company. He directed the falsification of capital contributions, raising the company’s registered charter capital from VND 1.5 billion (USD 59,800) to VND 4.3 trillion (USD 171.5 million) using fictitious capital.

These inflated contributions were then used to register Faros as a public company, list it on the HOSE exchange, and sell over 391 million ROS shares to 30,403 investors, thereby misappropriating more than VND 3.621 trillion (USD 144.5 million).

Quyet also orchestrated and managed the use of securities accounts, authorizing the fictitious transfer of funds to accounts controlled by Trinh Thi Minh Hue, FLC Group’s chief accountant, to manipulate five stock codes. This operation yielded illicit gains of over VND 723 billion (USD 28.9 million).

T. Nhung