(Bloomberg) -- Former real estate tycoon Trinh Van Quyet, who previously served as chairman of developer FLC Group JSC, was sentenced to 21 years in prison after being found guilty of stock manipulation and fraudulent appropriation of assets, news website Thanh Nien reported.
Fifty defendants, including Quyet and his two sisters, were accused of earning an illicit profit of about 723 billion dong ($28.8 million) by manipulating five stocks, according the report.
Representatives of FLC and the defendants were not immediately available for comment.
Quyet was accused of instructing his accomplices to sign fake documents to increase FLC Faros Construction’s registered capital to 4.3 trillion dong from 1.5 trillion dong, then listing the company’s shares on the Ho Chi Minh City Stock Exchange and appropriating more than 3.6 trillion dong from investors, Thanh Nien said.
Quyet’s sister Trinh Thi Minh Hue was given a jail sentence of 14 years, while his sister Trinh Thi Thuy Nga was sentenced to 8 years in prison for the same charges, the report said.
Tran Dac Sinh, a former chairman of the Ho Chi Minh City Stock Exchange, was given a sentence of 6 years and 6 months in prison after being convicted of abusing his position and power, news website VnExpress reported separately. The exchange’s former general director Le Hai Tra was given a 5-year prison term, and ex-deputy general director Tram Tuan Vu was sentenced to 5 years and 6 months in prison, for the same charge, according to the VnExpress.
Quyet is also former chairman of Bamboo Airways JSC.
--With assistance from Linh Vu Nguyen.
(Updates with more details throughout the story.)
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