Vietnam Court Sentences FLC Chairman to 21 Years

Trinh Van Quyet, the former chairman of FLC Group, has been sentenced to 21 years in prison for stock manipulation and fraud, marking a significant move in Vietnam's ongoing anti-corruption campaign. Quyet, alongside his two sisters who received 14 and 8-year sentences respectively, was found guilty of manipulating multiple stocks and causing losses of approximately 4.3 trillion dong ($171 million) to over 25,800 investors. The court revealed that Quyet orchestrated a scheme to inflate his company's capital, enabling its questionable listing on the Ho Chi Minh City Stock Exchange. Additionally, three Ho Chi Minh Stock Exchange officials were sentenced to prison for their roles in the case. This ruling follows the recent execution of another business tycoon for a separate financial fraud, highlighting the government's commitment to tackling high-level corruption. Quyet expressed remorse during the proceedings, calling his actions a 'haunting lesson.'