A former Vietnamese tycoon was imprisoned for 21 years on Monday ( Aug 5 ) for allegedly extorting US$ 146 million from the government.
In the most recent corruption case involving the socialist nation’s business elite, Trinh Van Quyet was one of the 50 defendants found guilty.
Because he was the mastermind of the fraud, Quyet, who owned the FLC dynasty that included luxury resorts, golf courses, and resources airline Bamboo Airways, received the heaviest sentence, according to a Hanoi courtroom.
” Through the property market, the accused proceeded with fraudulence… leading to trust for owners and the stock market, causing indignation in society”, the Hanoi People’s Court said in its ruling quoted by the Tuoi Tre paper.
” So appropriate sanctions are required”.
The 49 people, including two of Quyet’s daughters and four share exchange officers, were given between 14 years in jail and a 15-month held word.
They were charged with fraud, stock market exploitation, abuse of power and posting inappropriate stock market information.
According to the prosecution accusation, Quyet set up some stock market brokerages and registered dozens of family members to, apparently, trade shares.
However, according to police, orders to purchase shares were canceled before being matched as they were placed throughout hundreds of trading sessions, which increased the stock’s value.
According to the court, Quyet illegally pocketed more than US$ 46 million between 2017 and 2022.
There were 25, 000 victims of the fraud, the court added.
After investing in stocks belonging to the FLC group, a stock trader from Hanoi, who only identified himself as Trung, reported to AFP that he had lost close to US$ 8, 000.
” What Quyet and others have done, manipulating the stock market must be duly punished”, he said.
” I had to accept my losses, and I have tried to learn from this to help my future trading”.