Real estate tycoon Truong My Lan has been sentenced to death by a court in Ho Chi Minh City for her involvement in a criminal enterprise that caused significant financial losses. Lan illegally controlled a bank and allowed loans that resulted in billions of dollars in losses. The court has also ordered her to compensate the bank for the damages.
The Vietnam ese court said it imposed the death penalty because they said Truong My Lan was at the helm of a criminal enterprise that had serious consequences with no possibility of the money being recovered.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 Vietnam Net said.company Van Thinh Phat was formally charged with fraud amounting to $12.
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. The court found that she used this approach to tap SCB for cash. She indirectly owned more than 90% of the bank — a charge she denied — and approved thousands of loans to “ghost companies," according to government documents. These loans then found their way back to her, state media VnExpress reported, citing the court's findings.Former central bank official Do Thi Nhan was also sentenced Thursday to life in prison for accepting $5.2 million in bribes.
Vietnam Real Estate Tycoon Death Penalty Financial Fraud Criminal Enterprise Bank Loans Losses
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