A former Vietnamese property and aviation tycoon accused of $146 million in fraud and stock market manipulation stood trial in Hanoi on Monday, marking the latest corruption case targeting the communist country’s business elite. Trinh Van Quyet, who led the FLC empire of luxury resorts, golf courses, and Bamboo Airways, had an estimated nearly $2 billion in stock market wealth before his arrest, as reported by state media.
On Monday, the 48-year-old Quyet, handcuffed and wearing a white shirt, was escorted into court by police officers. The trial follows the recent death of former Communist Party of Vietnam leader Nguyen Phu Trong, known for his rigorous anti-corruption efforts. Trong, 80, passed away on Friday in a military hospital in Hanoi due to old age and serious illness, the party announced, after previously stepping down for medical care.
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Quyet is accused of illegally acquiring more than $146 million from 2017 to 2022. His arrest in March 2022 led to the detention of 49 alleged accomplices, including his two sisters and the former chairman and chief executive officer of the Ho Chi Minh Stock Exchange.
The prosecution’s indictment states that Quyet established several stock market brokerages and registered numerous family members to trade shares. However, police revealed that while numerous buy orders were placed, artificially inflating the stock value, these orders were canceled before being matched.
This case is part of a nationwide corruption crackdown that has implicated numerous officials and business leaders in Vietnam in recent years. In April, a prominent Vietnamese property tycoon sentenced to death for a $27 billion fraud case appealed her conviction. Additionally, the head of one of Vietnam’s leading soft drinks companies was sentenced to eight years in prison in April for a $40 million fraud case.
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