HANOI -- Several of Vietnam's fast-growing new conglomerates have been caught in the government's corruption dragnet, signaling a turning point for the cozy relationships with the Communist Party that helped many of these companies grow.
Trinh Van Quyet, founder and now-former chairman of real estate developer FLC, was arrested late last month on charges of stock manipulation and hiding information on stock transactions after selling a portion of his stake in the company. FLC owns Bamboo Airways, Vietnam's third-largest airline.
