A Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case. The 67-year-old chair of real estate company Van Thinh Phat was accused of fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP.
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. Defendants attend a trial for their involvement in a $12.5 billion fraud case in Ho Chi Minh City , Vietnam on Thursday, April 11, 2024.
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. Lan and her family established the Van Thing Phat company in 1992 after Vietnam shed its state-run economy in favor of a more market-oriented approach that was open to foreigners. She had started out helping her mother, a Chinese businesswoman, to sell cosmetics in Ho Chi Minh City’s oldest market, according to state media Tien Phong.
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Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud caseA Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case.
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Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud caseA Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case.
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