Vietnamese tycoon jailed for 21 years for $146m fraud

FE Team | Published: August 06, 2024 00:43:04

HANOI, Aug 05 (AFP): A former Vietnamese property and aviation tycoon was jailed for 21 years on Monday for fraud and stock market manipulation worth $146 million, state media said.
Trinh Van Quyet was among 50 defendants found guilty in what is the latest corruption case targeting the communist country's business elite.
A Hanoi court said Quyet, who owned the FLC empire of luxury resorts, golf courses and budget carrier Bamboo Airways, was given the heaviest sentence because he was the leader of the scam.
"Through the stock market, the defendants proceeded with fraudulence... leading to mistrust for investors and the stock market, causing anger in society," the Hanoi People's Court said in its verdict quoted by the Tuoi Tre newspaper.