Vietnamese state media say the second trial for real estate tycoon Truong My Lan — who was sentenced to death for financial fraud in April — started on Thursday.
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The 67-year-old chair of the real estate company Van Thinh Phat was convicted for orchestrating Vietnam's biggest ever financial fraud case,— nearly 3% of the country’s 2022 GDP and for illegally controlling a major bank allowing loans that resulted in losses of $27 billion, state media said.that has intensified since 2022.
Investigators found 21 companies controlled by Lan's Van Thinh Phat that illegally transferred over $4.5 billion in and out of Vietnam between 2012-2022.The case also involves 33 other defendants. It is expected to last a month. Van Thinh Phat became 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.
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