Vietnamese billionaire tycoon found guilty of defrauding stockholders, sentenced to 21 years
A prominent Vietnamese business tycoon has been found guilty of defrauding stockholders of nearly $150 million by falsely inflating the value of his company, in a case that comes as the government cracks down on widespread corruption in the country
HANOI, Vietnam (AP) — A prominent Vietnamese business tycoon was found guilty Monday of defrauding stockholders of nearly $150 million by falsely inflating the value of his company, in a case that comes as the government cracks down on widespread corruption in the country.
The Hanoi People’s Court sentenced Trinh Van Quyet, 48, to 21 years in prison after a two-week trial that included 49 defendants who were named as accomplices, state-run VN Express reported. It was not immediately clear whether Quyet, who was arrested in 2022, would appeal.
The billionaire was the chairman and founder of the FLC Group, which owns the discount Bamboo Airways and has broad real estate holdings including hotels, resorts and golf courses, among other assets.
According to the indictment, Quyet fraudulently inflated the value of the group's general contractor subsidiary, FLC Faros, by reporting fictitious capital contributions, before taking the company public in 2016.
