Truong My Lan Real Estate: Vietnam sentences Truong My Lan to death in the biggest fraud case ever. Real estate tycoon Truong My Lan was sentenced to death by a court in the southern Vietnamese city of Ho Chi Minh on Thursday in the country’s biggest financial fraud case.
Truong My Lan Real Estate
Vietnam sentences Truong My Lan to death in the biggest fraud case ever. Real estate tycoon Truong My Lan was sentenced to death by a court in the southern Vietnamese city of Ho Chi Minh on Thursday in the country’s biggest financial fraud case.
The government media “Than Nien” gave this information. Van Thinh Phat, the 67-year-old chairman of the real estate company, is accused of defrauding $12.5 billion. This amount is 3 percent of the country’s 2022 GDP.
Vietnam tycoon Truong My Lan sentenced to death in $12.5bn fraud case https://t.co/FwYNrM4CIR pic.twitter.com/NKdOpV0l2n
— Al Jazeera English (@AJEnglish) April 11, 2024
Lan illegally controlled the Saigon Joint Stock Commercial Bank between 2012 and 2022 and diverted funds through thousands of shell companies. She also bribed government officials. Lan is also accused of bribing government officials for this. Lan was arrested in October 2022.
Van Thinh Phat is one of the richest real estate companies in Vietnam. The company owns residential developments, offices, shopping centers and hotels. An estimated 1,300 companies have exited Vietnam’s real estate market in 2023, dealing a major blow to the sector.
According to government media, companies are offering gold as discounts and gifts to attract buyers. Despite low shop rents in Ho Chi Minh City, many properties in the city center remain vacant. Vietnam’s veteran politician, Communist Party General Secretary Nguyen Phu Trang, said in November last year that the anti-corruption campaign “will continue for a long time.”
A case has been filed against 85 people
85 people are on trial in the case, including a former official of the State Bank of Vietnam, who is accused of accepting $5.2 million in bribes. Lan and 85 others were arrested as part of the corruption crackdown.
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