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

Above, defendants stand during their corruption trial at the High People’s Court in Hanoi on June 26, 2025. (AFP)
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Updated 26 June 2025
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Vietnamese tycoon’s jail term reduced in $146 million stock fraud

  • 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

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.

After a 10-day hearing in Hanoi, the appeal court dropped Quyet’s three-year term for market manipulation and cut his 18-year sentence for fraud to seven years.

The appeal court gave several other defendants reduced jail terms on Thursday.

Its ruling comes after the tycoon’s family paid nearly $96 million in compensation for the losses.

According to the indictment in August, Quyet set up several stock market brokerages and registered dozens of family members, ostensibly to trade shares.

Police said while orders to buy shares were placed in hundreds of trading sessions — pushing up the value of the stock – they were canceled before being matched.

The court said there were 25,000 victims of the fraud as Quyet illegally pocketed more than $146 million between 2017 and 2022.

The appeal court said it had received 5,000 letters asking for a reduction of punishment for Quyet “from the victims, FLC staff, some associations and local authorities.”

The case is part of a national corruption crackdown that has swept up numerous officials and members of Vietnam’s business elite in recent years.


Moscow made an offer to France regarding a French citizen imprisoned in Russia, says Kremlin

Updated 26 December 2025
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Moscow made an offer to France regarding a French citizen imprisoned in Russia, says Kremlin

  • Laurent Vinatier, an adviser for Swiss-based adviser Center for Humanitarian Dialogue, Vinatier was arrested in Moscow in June 2024
  • He is accused of failing to register as a “foreign agent” while collecting information about Russia’s “military and military-technical activities” 

The Kremlin on Thursday said it was in contact with the French authorities over the fate of a French political scholar serving a three-year sentence in Russia and reportedly facing new charges of espionage.
Kremlin spokesman Dmitry Peskov told reporters that Russia has made “an offer to the French” regarding Laurent Vinatier, arrested in Moscow last year and convicted of collecting military information, and that “the ball is now in France’s court.” He refused to provide details, citing the sensitivity of the matter.
French President Emmanuel Macron is following Vinatier’s situation closely, his office said in a statement. French Foreign Ministry spokesperson Pascal Confavreux said Thursday that all government services are fully mobilized to pay provide consular support to Vinatier and push for his liberation as soon as possible.
Peskov’s remarks come after journalist Jérôme Garro of the French TF1 TV channel asked President Vladimir Putin during his annual news conference on Dec. 19 whether Vinatier’s family could hope for a presidential pardon or his release in a prisoner exchange. Putin said he knew “nothing” about the case, but promised to look into it.
Vinatier was arrested in Moscow in June 2024. Russian authorities accused him of failing to register as a “foreign agent” while collecting information about Russia’s “military and military-technical activities” that could be used to the detriment of national security. The charges carry a maximum penalty of five years in prison.
The arrest came as tensions flared between Moscow and Paris following French President Emmanuel Macron’s comments about the possibility of deploying French troops in Ukraine.
Vinatier’s lawyers asked the court to sentence him to a fine, but the judge in October 2024 handed him a three-year prison term — a sentence described as “extremely severe” by France’s Foreign Ministry, which called for the scholar’s immediate release.
Detentions on charges of spying and collecting sensitive data have become increasingly frequent in Russia and its heavily politicized legal system since Moscow invaded Ukraine in February 2022.
In addition to criticizing his sentence, the French Foreign Ministry urged the abolition of Russia’s laws on foreign agents, which subject those carrying the label to additional government scrutiny and numerous restrictions. Violations can result in criminal prosecution. The ministry said the legislation “contributes to a systematic violation of fundamental freedoms in Russia, like the freedom of association, the freedom of opinion and the freedom of expression.”
Vinatier is an adviser for the Center for Humanitarian Dialogue, a Switzerland-based nongovernmental organization, which said in June 2024 that it was doing “everything possible to assist” him.
While asking the judge for clemency ahead of the verdict, Vinatier pointed to his two children and his elderly parents he has to take care of.
The charges against Vinatier relate to a law that requires anyone collecting information on military issues to register with authorities as a foreign agent.
Human rights activists have criticized the law and other recent legislation as part of a Kremlin crackdown on independent media and political activists intended to stifle criticism of the war in Ukraine.
In August 2025, Russian state news agency Tass reported that Vinatier was also charged with espionage, citing court records but giving no details. Those convicted of espionage in Russia face between 10 and 20 years in prison.
Russia in recent years has arrested a number of foreigners — mainly US citizens — on various criminal charges and then released them in prisoner swaps with the United States and other Western nations. The largest exchange since the Cold War took place in August 2024, when Moscow freed journalists Evan Gershkovich and Alsu Kurmasheva, fellow American Paul Whelan, and Russian dissidents in a multinational deal that set two dozen people free.