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Former head of Vietnam’s FLC Group sentenced to 21 years in jail for fraud

Trinh Van Quyet, the former head of the embattled FLC Group has been sentenced to 21 years in prison with three years for stock market manipulation and 18 years for fraud, VN Express has reported. 

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 has too.

See also: The Vietnam Stock Exchange: Quick Guide 2024

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