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Editor of Every Economic Report: Sun Zhicheng, Du Yu

On August 7, according to the Securities Times, recently, Zheng Wenjue, the founder and former chairman of the Vietnamese real estate giant FLC Group,For crimes of property fraud and stock market manipulation, was sentenced to 21 years in prison by the People's Court of Hanoi, Vietnam.

According to the indictment, Zheng Wenjue fraudulently inflated the value of the group's general contracting subsidiary FLC Faros by falsely reporting the amount of capital contribution before the company went public in 2016. In the IPO, the company sold about 391 million shares to about 30,000 investors, defrauding 3.6 trillion VND (about 144 million USD). In addition, Zheng Wenjue is suspected of manipulating stock prices to obtain huge illegal profits.

There were seven other defendants sentenced for the same two crimes.FLC Group Chief Accountant Trinh Thi Minh Hua (Trinity Van Quet's sister) was sentenced to 14 years in prison by the court; BOS Securities Joint Stock Company Board Member and Deputy General Manager Trinh Thi Thuy Ngo (Trinity Van Quet's sister) was sentenced to 8 years in prison; Executive Vice President of the Board of Directors of FLC GroupPresidentHuong Tran Qiao Rong was sentenced to eight years and six months in prison; Zheng Wendai, deputy general manager of FLC Faros Construction Joint Stock Company, was sentenced to 11 years in prison; Nguyen Van Manh, head of the landscape materials group of the Purchasing and Material Supply Department of FLC Land Company, was sentenced to six years in prison; Zheng Zun, former manager of FLC Land Company, was sentenced to four years and six months in prison; Nguyen Thi Hong Rong was sentenced to four years in prison.