A Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case
Business woman Truong My Lan, front center, attends a trial in Ho Chi Minh City, Vietnam on Thursday, April 11, 2024. The real estate tycoon may face the death penalty if convicted of allegations that she siphoned off an amount of $12.5 billion, nearly 3 percent of Vietnam's 2022 GDP, in its largest financial fraud case.
Her actions “not only violate the property management rights of individuals and organizations but also push SCB into a state of special control; eroding people’s trust in the leadership of the Party and State,” VnExpress quoted the judgement as saying. Van Thinh Phat would grow to become one of Vietnam’s richest real estate firms, with projects including luxury residential buildings, offices, hotels and shopping centers. This made her a key player in the country's financial industry. She orchestrated the 2011 merger of the beleaguered SCB bank with two other lenders in coordination with Vietnam's central bank.
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