Vietnam's Anti-Graft Campaign: Ex-FLC Chairman Sentenced to 21 Years for Fraud

A Vietnamese court has sentenced Trinh Van Quyet, former chairman of property developer FLC Group, to 21 years in prison for fraud and stock manipulation. The court also sentenced his two sisters and three stock exchange officials. The case is part of a broader anti-graft campaign targeting influential figures.

In a landmark ruling, a Vietnamese court has sentenced Trinh Van Quyet, the former chairman of property developer FLC Group, to 21 years in prison for charges of fraud and stock manipulation. The decision is part of a larger crackdown on corruption that has ensnared some of the country's most influential business leaders.

Quyet, 48, along with his co-defendants, including his two sisters, were accused of manipulating multiple stocks like FLC Stone Mining & Investment and earning illicit profits totaling approximately 723.3 billion dong ($28.85 million). Quyet received the harshest sentence, while his sisters received 14 and 8 years, respectively.

The Ho Chi Minh City Stock Exchange officials implicated in the case were handed sentences ranging from 5 to 6.5 years for abusing their positions. This case follows the death sentence for real estate tycoon Truong My Lan in a separate $12.5-billion fraud case, underscoring the government's commitment to combating high-level corruption.

(With inputs from agencies.)