United Kingdom
United States
Asia Pacific
FLC Group billionaire founder jailed for fraud
A Vietnamese business tycoon was found guilty of defrauding stockholders of nearly $150 million by falsely inflating the value of his company.
Trinh Van Quyet, 48, was sentenced to 21 years in prison after a two-week trial that included 49 defendants who were named as accomplices.
The billionaire was founder of the FLC Group, which owns Bamboo Airways and has a large portfolio of hotels, resorts and golf courses.
The court heard Quyet illegally inflated the value of the subsidiary, FLC Faros, by reporting false capital contributions ahead of an IPO in 2016.
All his co-defendants were found guilty of a range of charges.
Quyet’s sisters were also convicted of similar charges and sentenced to 14 years and 8 years in prison.
The former chairman of the Ho Chi Minh Stock Exchange was also jailed for knowingly facilitating the fraud.
Related News Stories:
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Boy falls to death on cruise ship
Turkish Airlines flight in emergency landing after pilot dies
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel