Trinh Van Quyet Goes on Trial for Fraud

Trinh Van Quyet, a former Vietnamese property and aviation tycoon, has gone on trial in Hanoi for fraud and stock market manipulation involving over $146 million. The trial follows the recent death of Nguyen Phu Trong, the former Communist Party leader known for his anti-corruption efforts. Quyet, who previously amassed nearly $2 billion in stock market wealth, is accused of illegally pocketing funds between 2017 and 2022, leading to the arrest of 49 accomplices, including family members and stock exchange officials. The allegations include operating multiple brokerages and orchestrating buy orders that inflated stock prices but were later cancelled. This case is part of a broader crackdown on corruption that has implicated many in Vietnam's business elite. Recent high-profile cases include a property tycoon sentenced to death in a $27 billion fraud case and another executive jailed for eight years in a $40 million fraud case.