Bamboo Airlines Owner dragged to Vietnamese court in $156M case

On July 22, the Hanoi People's Court opened the trial of Trinh Van Quyet with a record number of convenors: 50 defendants, nearly 100 lawyers, more than 30,000 victims, 63,000 investors and many related people.
Mr. Quyet, 49 years old, was prosecuted by the Supreme People's Procuracy for two counts of stock market manipulation and fraudulent appropriation of property.
Mr. Quyet's lawyer said his client's health is stable after being treated for tuberculosis. He just received an additional 23 billion VND from his family. Currently, he is the person who has recovered the most money among the 50 defendants, with 212.5 billion VND.
According to the indictment, Mr. Quyet established and became Chairman of the Board of Directors of FLC Group in 2009, trading in real estate, securities, and tourism services. After 11 years, the FLC ecosystem has 82 companies and 5 stock codes listed on the stock exchange.
To appropriate investors' money, in 2014, Mr. Quyet directed his sister Trinh Thi Minh Hue and Doan Van Phuong to falsely increase the capital contribution of Faros Company (stock code ROS) from 1.5 billion VND to 4,300 billion VND, listed on the stock exchange.
Mr. Phuong and Ms. Hue asked a number of people to sign the shareholders' names to receive the transfer of Faros' shares. Company leaders recorded this fraudulent information in the audited financial statements and prospectus to complete the ROS stock listing dossier.
The Supreme People's Procuracy said that some former officials of the State Securities Commission, the Securities Depository Center and the HOSE floor knew of the violations, but due to "fear, acquaintance, and wanting to create conditions" still approved the listing. 430 million ROS shares.
The indictment stated that the defendants' prolonged violations in 2014-2016 caused securities investors to mistakenly believe that ROS shares had real value. From here, Mr. Quyet sold 391 million shares to more than 30,400 investors, appropriating 3,620 billion VND. This behavior caused Mr. Quyet to be prosecuted for fraudulent appropriation of property.