A Vietnamese appeal court has significantly reduced the prison sentence of disgraced business magnate Trinh Van Quyet, who was at the center of one of the country’s largest-ever stock fraud cases.

Once a towering figure in Vietnam’s luxury real estate and aviation sectors, Quyet was initially handed a 21-year sentence in August 2023 for his role in a $146 million market manipulation and fraud scheme. But on Thursday, after a 10-day hearing in Hanoi, the court cut his sentence down to just seven years.

The dramatic reduction comes after Quyet’s family repaid nearly $96 million in compensation — a move that appeared to sway the judges, along with over 5,000 appeals for leniency submitted by alleged victims, FLC Group staff, and even local officials.

Trinh Van Quyet was the driving force behind the FLC Group, a sprawling conglomerate with investments in luxury resorts, golf courses, and the budget airline Bamboo Airways. He once symbolized Vietnam’s high-growth ambitions, but the case against him laid bare a darker undercurrent of unchecked power and financial manipulation.

Prosecutors accused Quyet of orchestrating an elaborate scheme between 2017 and 2022 involving multiple shell brokerages and coordinated trades among family members. The goal: to inflate stock prices and dump shares for massive profit. Authorities say his actions defrauded over 25,000 investors.

Quyet, alongside 49 others — including two sisters and several former stock exchange officials — was convicted of charges ranging from fraud and stock manipulation to abuse of power and publishing false information.

While the initial trial made headlines for its harsh sentencing, Thursday’s appeal outcome suggests a more conciliatory tone. The court dropped a three-year sentence related to market manipulation and reduced his main fraud charge from 18 years to seven.

Several co-defendants also received lighter sentences during the appeal.

Observers say the ruling reflects both the influence of financial restitution and the pressures of public sentiment, particularly as Vietnam’s anti-corruption campaign continues to rattle elite circles.

Quyet’s downfall is part of Vietnam’s sweeping "blazing furnace" anti-corruption drive, which has ensnared high-ranking officials, executives, and power brokers across industries. The campaign — led by the Communist Party leadership — aims to restore public trust and clean up systemic abuses in the fast-growing Southeast Asian economy.

But critics say the uneven pace of enforcement and the leniency granted to some well-connected figures raise questions about transparency and accountability.

As for Quyet, the man who once flew high on the wings of Bamboo Airways is now grounded — but for a shorter stretch than many expected.

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By WafricNews Desk.