24-26 years nhà cái bet88 imprisonment proposed for FLC former chairman

A prison term from 24 to 26 years has been proposed forTrinh Van Quyet, former chairman nhà cái bet88 the Board nhà cái bet88 Directors nhà cái bet88 the real estate developer FLC Group JSC, for the charges nhà cái bet88 "fraudulent appropriation nhà cái bet88 property" and "stock market manipulation", the Vietnam News Agency has reported.

Also at the first instance trial in Hanoi for 50 defendants in the case occuring at FLC Group JSC, seven others were prosecuted for the two charges. Specifically, Quyet’s two sisters Trinh Thi Minh Hue and Trinh Thuy Nga were proposed to get 17-19 years nhà cái bet88 imprisonment and 10-12 years nhà cái bet88 imprisonment respectively, former permanent vice chairwoman nhà cái bet88 the FLC Group Huong Tran Kieu Dung 11-13 years, deputy director nhà cái bet88 the Faros Construction JSC Trinh Van Dai 14-16 years, head nhà cái bet88 the FLC Land company’s material purchasing division Nguyen Van Manh 7-9 years, former FLC Land director Trinh Tuan 6 to 7 years and six months, and a resident nhà cái bet88 Hanoi’s Cau Giay district Nguyen Thi Hong Dung 5 to 6 years and six months.

Prison sentences from 18 months to nine years were proposed to the remaining 42 defendants who were prosecuted for "fraudulent appropriation nhà cái bet88 property”, “stock market manipulation”, "abuse nhà cái bet88 power or position while performing official duties," and "intentional dissemination nhà cái bet88 false information or concealment nhà cái bet88 information in securities activities".

According to the indictment, for the act nhà cái bet88 "fraudulent appropriation nhà cái bet88 property", from 2014 to September 2016, Quyet directed individuals who were leaders or employees nhà cái bet88 the Faros company, as well as companies within the FLC Group, and relatives and acquaintances to act as shareholders to falsify capital contribution documents to raise Faros's chartered capital from VND1.5 billion (,200) to VND4.3 trillion (8 million).

They completed documents and requested State management agencies in the securities sector to approve the registration nhà cái bet88 the company as a public company, the registration nhà cái bet88 securities depository, and the listing nhà cái bet88 over 430 million shares formed from the falsified capital contribution nhà cái bet88 Faros on the Ho Chi Minh Stock Exchange.

After Faros's shares were listed on the stock exchange, from September 2016 to March 2022 (the time nhà cái bet88 indictment and detention), Quyet and his accomplices sold over 391 million shares formed from the falsified capital contribution held in the Faros Company, resulting in proceeds nhà cái bet88 VND4.8 trillion (8.6 million), nhà cái bet88 which over VND3.6 trillion (1.4 million) was misappropriated from investors in the stock market.

Regarding the act nhà cái bet88 "stock market manipulation", from May 26, 2017, to January 10, 2022, Quyet directed Hue and accomplices to use the identities nhà cái bet88 45 individuals who are employees, relatives, and acquaintances to establish 20 companies and open 500 securities accounts.

Hue used these accounts to manage and conduct market manipulation activities involving five stocks, namely AMD, HAI, GAB, FLC, and ART. Following Quyet's instructions, Hue sold shares on the market for illicit gains totaling over 723 billion VND when the stock prices increased.