Vietnamese billionaire sentenced to 21 years in $150m fraud case

HANOI (AP) -- A prominent Vietnamese business tycoon was found guilty Monday of defrauding stockholders of nearly $150 million by falsely inflating the value of his company, in a case that comes as the government cracks down on widespread corruption in the country.

The Hanoi People's Court sentenced Trinh Van Quyet, 48, to 21 years in prison after a two-week trial that included 49 defendants who were named as accomplices, state-run VN Express reported. It was not immediately clear whether Quyet, who was arrested in 2022, would appeal.