Vietnamese Billionaire: In a landmark verdict, Truong My Lan, a prominent figure in Vietnam’s real estate industry, was sentenced to death by a court in Ho Chi Minh City for her role in the country’s largest financial fraud case. The 67-year-old chair of Van Thinh Phat, a leading real estate company, was convicted of orchestrating a sophisticated fraud scheme that resulted in staggering losses amounting to $27 billion for Saigon Joint Stock Commercial Bank (SCB).
Real Estate Tycoon Truong My Lan Sentenced to Death in Vietnam’s Largest Financial Fraud Case
Lan’s conviction stems from her illegal control over SCB from 2012 to 2022, during which she authorized approximately 2,500 fraudulent loans, leading to massive financial repercussions. The court found Lan guilty of fraud amounting to $12.5 billion, nearly 3% of Vietnam’s GDP in 2022. Despite Lan’s involvement in charity activities and being a first-time offender, the court handed down the severe sentence due to the gravity of the offenses and the irreparable harm caused.
Lan’s actions not only undermined the financial stability of SCB
According to state media reports, Lan’s actions not only undermined the financial stability of SCB but also eroded public trust in the leadership of the Party and State. The court emphasized that the consequences of Lan’s criminal enterprise were severe, with little possibility of recovering the misappropriated funds. Consequently, Lan was ordered to compensate SCB with $26.9 million, a fraction of the losses incurred.
Truong Hue Van, Lan’s niece and the chief executive of Van Thinh Phat, was also implicated in the fraud and received a 17-year prison sentence for aiding her aunt in the illicit activities.
Lan’s rise to prominence in Vietnam’s real estate sector began in 1992 when she co-founded Van Thinh Phat alongside her family, capitalizing on the country’s transition to a more market-oriented economy. Over the years, Van Thinh Phat evolved into one of Vietnam’s wealthiest real estate firms, undertaking prestigious projects ranging from luxury residential buildings to commercial complexes.
Lan’s sentencing marks a significant milestone in Vietnam’s efforts to combat financial crimes and uphold the integrity of its banking sector. Her downfall serves as a cautionary tale for individuals involved in fraudulent activities, reaffirming the government’s commitment to enforcing accountability and transparency in business practices.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
