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regular-article-logo Wednesday, 22 May 2024

Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud case

The 67-year-old chair of the real estate company Van Thinh Phat was accused of fraud amounting to $12.5 billion — nearly 3 per cent of the country's 2022 GDP

AP Hanoi Published 11.04.24, 02:52 PM
Real estate tycoon Truong My Lan

Real estate tycoon Truong My Lan X / @PropertyGuru369

Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh city in southern Vietnam in the country's largest financial fraud case ever, state media Thanh Nien said.

The 67-year-old chair of the real estate company Van Thinh Phat was accused of fraud amounting to USD 12.5 billion — nearly 3 per cent of the country's 2022 GDP.

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She illegally controlled the Saigon Joint Stock Commercial Bank between 2012 to 2022 to siphon of these funds through thousands of ghost companies and by paying bribes to government officials.

Lan's arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam that has intensified since 2022.

The so-called Blazing Furnace campaign has touched the highest echelons of Vietnamese politics. Former President Vo Van Thuong resigned in March after being implicated in the campaign.

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