In a landmark ruling on Thursday, a Vietnamese appeal court significantly reduced the sentence of former tycoon Trinh Van Quyet, who had been convicted for his involvement in a massive $146 million fraud and stock market manipulation scheme. Originally sentenced to 21 years in prison in August, Quyet’s jail term has now been reduced to seven years.
Trinh Van Quyet, the former owner of the FLC conglomerate, which includes luxury resorts, golf courses, and the budget airline Bamboo Airways, was sentenced last year after being found guilty of fraud, market manipulation, abuse of power, and spreading false information related to the stock market. Along with Quyet, 49 other individuals, including his two sisters and several stock exchange officials, were sentenced for their roles in the scheme.
Following a 10-day appeal hearing in Hanoi, the court made the decision to reduce Quyet’s 18-year sentence for fraud to seven years, while his three-year sentence for market manipulation was dropped altogether.
The ruling came after significant developments in the case, including nearly $96 million in compensation paid by Quyet’s family, intended to mitigate the financial losses incurred by the victims of the fraud.
Fraud Details and Legal Proceedings
According to the prosecution, Quyet orchestrated a complex scheme involving several stock market brokerages, where shares were traded through family members who were registered under his name. Authorities claimed that orders to buy shares were placed across hundreds of trading sessions, artificially inflating stock values. These orders, however, were reportedly cancelled before they could be executed, which the court deemed as a key element of the manipulation.
The fraud affected approximately 25,000 victims, and Quyet is believed to have illegally pocketed over $146 million between 2017 and 2022. In a striking turn of events, the court revealed that it had received more than 5,000 letters from a range of individuals—including victims, FLC staff, local authorities, and various associations—petitioning for a reduction in Quyet’s sentence.
A Larger National Anti-Corruption Effort
Quyet’s case is part of Vietnam’s ongoing national crackdown on corruption, which has implicated several high-profile business figures and government officials. The Vietnamese government has been intensifying its efforts to root out corruption, particularly among the nation’s business elites, with this case serving as one of the most significant to date.
Quyet’s sentencing is expected to have broader implications for business practices and regulatory oversight in Vietnam’s burgeoning market economy, sending a strong signal that no one, regardless of their wealth or influence, is exempt from the law.
As the appeal court ruling reduces Quyet’s punishment, it also marks a crucial moment in Vietnam’s efforts to balance justice for victims with political pressures and public sentiment, encapsulating the complex relationship between legal processes and public opinion.