HANOI – Vietnam’s real estate tycoon Truong My Lan was sentenced to death by a court in the largest financial fraud case in Southeast Asian nation.
Lan, 67, was convicted of embezzlement of over $12.5 billion, graft, abuse of power, appropriation, and violations of financial laws.
Truong My Lan
Trương Mỹ Lan is a Vietnamese property tycoon. She started her venture in hair accessory business before tapping real estate sector. She took control of a leading commercial Bank in 2012, directing most loans to her companies through intermediaries.
In 2022, she was apprehended for embezzling over US$12.5 billion from Sai Gon Joint Stock Commercial Bank through sham loan applications.
Her trial for embezzlement, bribery, and violating banking regulations, starting in March 2024, is considered country’s largest corruption scandal.
Lan’s arrest and trial are part of Vietnam’s anti-corruption efforts, led by Nguyễn Phú Trọng. The trial involved 82 defendants, including Lan’s husband, niece, and granddaughter, with several former bank and government officials also implicated.
Her husband and niece also got jail time, while others were sentenced to jail terms ranging from suspended to life.
Truong Lan, on the other hand, denied the charges and blamed her subordinates for the embezzlement.
Pakistani student awarded death sentence for sharing blasphemous content on WhatsApp
