Vietnamese Billionaire Sentenced to 21 Years for Fraud
Vietnamese billionaire Trịnh Văn Quyết has been sentenced to 21 years in prison for defrauding stockholders of approximately US$146 million by inflating the value of his company, FLC Group. Quyết is the latest businessperson to be affected by Vietnam's anti-corruption campaign.
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00:00A Vietnamese billionaire has been sentenced to 21 years in prison for fraud.
00:06A Hanoi court found Ching Vinh Quyet guilty of defrauding stockholders of around US$146
00:13million between 2017 and 2022.
00:17Ching was estimated to be worth around US$2 billion before his arrest and was the chair
00:22of the FLC Group of Luxury Resorts, Golf Courses and a budget airline.
00:28He is the latest Vietnamese businessperson swept up in the country's anti-corruption
00:32campaign.
00:33In April, property tycoon Truong Mai Lan was also found guilty of fraud and sentenced to
00:39death.