Vietnamese tycoon’s jail term reduced in $146 million stock fraud

HANOI: A Vietnamese appeal court on Thursday slashed a former property and aviation tycoon’s jail sentence in a $146 million fraud and stock market manipulation case from 21 years to seven. Trinh Van Quyet, who owned the FLC empire of luxury resorts, golf courses and budget carrier Bamboo Airways, was given the lengthy jail term in August after a trial. Quyet and 49 others including his two sisters and four stock exchange officials were punished for fraud, stock market manipulation, abuse of power and publishing incorrect stock market information.

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