Vietnamese Real Estate Mogul Sentenced to Death in Record Financial Fraud Case
According to state media reports, a Vietnamese court has issued the death sentence to Truong My Lan, a prominent real estate figure, for her involvement in a colossal financial scam worth 304 trillion dong ($12.5 billion), the largest on record in the country.
Lan, who chaired Van Thinh Phat Holdings Group, was convicted of embezzlement, bribery, and breaching banking regulations after a trial in Ho Chi Minh City.
Her family member, speaking anonymously to Reuters, expressed plans to appeal the verdict. Lan, who denied the charges, received a death sentence for embezzlement and 20 years each for bribery and banking regulation violations.
Vietnam, known for enforcing the death penalty primarily for violent crimes, extends it to economic offenses as well. The case involved 84 defendants, with Lan’s husband receiving nine years in jail and her niece sentenced to 17 years.
Lan’s rise to prominence began as a cosmetics trader before founding her real estate company in 1992. Investigators revealed that she and her associates diverted funds from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled despite ownership limitations.
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Lan’s actions undermined public trust and led to SCB’s crisis, triggering a complex restructuring process.
Before her downfall, Lan wielded considerable influence in Vietnam’s financial sector and had previously been involved in rescuing SCB. Her conviction included charges of bribery to influence officials.
Vietnam’s anti-corruption efforts have targeted numerous high-profile individuals, reflecting the pervasive nature of corruption in the country, as evidenced by a recent survey highlighting bribery in public services, including healthcare.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
