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AP National

Vietnamese billionaire tycoon found guilty of defrauding stockholders, sentenced to 21 years

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Published 2:59 AM

Associated Press

HANOI, Vietnam (AP) — A prominent Vietnamese business tycoon has been found guilty of defrauding stockholders of nearly $150 million by falsely inflating the value of his company, in a case that comes as the government cracks down on widespread corruption in the country. Trinh Van Quyet, 48, was sentenced to 21 years in prison by the Hanoi People’s Court on Monday after a two-week trial that included 49 defendants who were named as accomplices, state-run VN Express reported. The billionaire was the chairman and founder of the FLC Group, which owns the discount Bamboo Airways, and has broad real estate holdings including hotels, resorts and golf courses, among other assets.

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