FLC Group billionaire founder jailed for fraud

Wednesday, 06 Aug, 2024 0

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.

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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.

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