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Who is Truong My Lan? Vietnam billionaire woman who was sentenced to death for massive fraud

11:40 AM | 12 Apr, 2024
Who is Truong My Lan? Vietnam billionaire woman who was sentenced to death for massive fraud
Source: File Photo

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. 

Daily Pakistan Global Web Desk

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Today Open Market Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Riyal - 21 May 2024

Pakistani currency rates against US Dollar and other currencies on May 21, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.7 for buying and 280.35 for selling.

Euro moved up to 298 for buying and 301 for selling while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 21 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 298 301
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 183 184.80
Bahrain Dinar BHD 739 747.8
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.89
Danish Krone DKK 40.53 40.65
Hong Kong Dollar HKD 35.65 36.31
Indian Rupee INR 3.34 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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