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Vietnam high-profile stock market manipulation trial to kick-off in July

Trinh Van Quyet, former Chairman of the Board of Directors of embattled real estate developer FLC Group, is set to go on trial July 22, according to an announcement on the website of the Government of Vietnam’s official news outlet.  This is set to be one of the most high-profile cases of stock market manipulation in recent times.

For background, Quyet was arrested for stock manipulation back in March 2022 along with a number of accomplices. They were alleged to have made around VND 723 billion or about US$28.4 million by manipulating the stock price of his own company, FLC, as well as a number of other stocks.

Prior to Quyet’s arrest, FLC had been a major real estate developer in Vietnam. The company had properties all over Vietnam as well as an airline–Bamboo Airways–with Quyet at one point reportedly a US dollar billionaire. Well known in Vietnam–idolised by some for his business savvy–his arrest drew a lot of media coverage and his trial will likely too.

See also: Vietnam’s Real Estate Market Recovery 2024: Unpacked

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