Hanoi (VNA) - The Hanoi People's Court on July 22 opened a first instance trial for 50 defendants in a case occurring at FLC Group Joint Stock Company.

They were accused of "stock market manipulation", "fraudulent appropriation of property", "abuse of power or position while performing official duties", and "intentional dissemination of false information or concealment of information in securities activities".

The court has summoned 30,403 investors who purchased ROS shares as victims, and 63,092 others currently holding ROS shares as parties with related rights and obligations – the largest-ever number of summoned individuals.

Notably, Trinh Van Quyet, former Chairman of the Board of Directors of the FLC Group JSC and former Chairman of the Bamboo Airways Joint Stock Company, and his two younger sisters Trinh Thi Thuy Nga and Trinh Thi Minh Hue, and five subordinates were prosecuted for "fraudulent appropriation of property” and “stock market manipulation”.

Meanwhile, the remaining 42 defendants were prosecuted for "fraudulent appropriation of property”, “stock market manipulation”, "abuse of power or position while performing official duties," and "intentional dissemination of false information or concealment of information in securities activities".

According to the indictment, for the act of "fraudulent appropriation of property", from 2014 to September 2016, Quyet directed individuals who were leaders or employees of 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 1.5 billion VND (59,200 USD) to 4.3 trillion VND.

They completed documents and requested State management agencies in the securities sector to approve the registration of the company as a public company, the registration of securities depository, and the listing of over 430 million shares formed from the falsified capital contribution of 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 of 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 of 4.8 trillion VND, of which over 3.6 trillion VND was misappropriated from investors in the stock market.

Regarding the act of "stock market manipulation", from May 26, 2017, to January 10, 2022, Quyet directed Hue and accomplices to use the identities of 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 manip𒐪ulation 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./.