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Vietnam sentences property tycoon Quyet to 21 years in prison for fraud, stock manipulation
His sisters Hue and Nga were also sentenced to 14 and 8 years imprisonment respectively
Trinh Van Quyet is escorted by policemen to court for his trial on fraud charges in Hanoi on July 22, 2024. — AFP
A court in Vietnam sentenced the former chairman of property developer FLC to 21 years in prison on Monday for fraud and stock manipulation, in the latest case in a sweeping anti-graft campaign targeting high-flying business leaders.
Trinh Van Quyet, 48, chairman of property and leisure company FLC Group and its Bamboo Airways subsidiary; and co-defendants who included his two sisters, were accused of manipulating five stocks, including FLC Stone Mining & Investment, FLC Mining Investment & Asset Management and FLC Group and earning an illicit profit of about 723.3 billion dong ($28.85 million).
Quyet, who was accused of masterminding the fraud, received the heaviest sentence, state-affiliated news site VnExpress reported, citing the verdict.
Nearly 26,000 investors who bought FLC Faros Construction's shares were affected, VnExpress report added.
Quyet's sisters Trinh Thi Minh Hue and Trinh Thi Thuy Nga were also sentenced to 14 and eight years imprisonment respectively, it said.
Three officials at the Ho Chi Minh City Stock Exchange received prison sentences of between five to 6.5 years over the case for abusing their position and power.
FLC Group, which owns dozens of resorts and golf courses throughout the country, was not immediately available for comment.
Reuters was not immediately able to reach a representative of Quyet to seek comment.
The verdict comes months after the country handed the death sentence to real estate tycoon Truong My Lan for her role in a $12.5-billion financial fraud, the country's biggest on record.
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