Famous Vietnam Businesswoman Truong My Lan received the death penalty for a $12.5 billion swindle.
In the largest-ever financial fraud case in Vietnam, real estate mogul Truong My Lan was sentenced to death on Thursday. The 67-year-old businesswoman was accused of defrauding the government out of $12.5 billion in 2022, or almost 3 percent of the GDP of the nation. She is the chair of the real estate firm Van Thinh Phat, which has created opulent residences, hotels, workplaces, and retail centers. Truong Hue Van, the chief executive of Van Thinh Phat, was sentenced to 17 years in prison for supporting her aunt along with Lan. According to reports, the death penalty is not unheard of in Vietnam; nonetheless, it is uncommon in circumstances of financial wrongdoing and for a person of such notoriety.
What is Truong My Lan accused of?
Lan was involved in the 2011 merger of the troubled Saigon Joint Commercial Bank, or SCB, with two other lenders in a plan coordinated by the Vietnam Central Bank.
According to the government documents, Lan is accused of using the bank for personal gains, illegally controlling it between 2012 and 2022. The documents further stated that she utilized numerous “ghost companies” both domestically and internationally to issue loans to herself and her associates. The loans resulted in losses of $27 billion, state media VN Express said as reported by Associated Press.
In addition to this, Lan as per the documents, was accused of paying bribes to government officials, including a former central official who has been sentenced to life in prison for taking $5.2 million in bribes.
The court sentenced her to death because her activities “erode people’s trust in the leadership of the (Communist) party and state, as well as violate individuals’ property management rights,” according to the court’s statement.
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Who is Truong My Lan?
Truong My Lan was arrested in October 2022 in an ongoing anti-corruption drive in Vietnam that has intensified since 2022.
As reported by state media outlet Tien Phong, Lan, born in 1956, initially assisted her Chinese businesswoman mother in selling cosmetics at Ho Chi Minh City’s oldest market.
In 1992, she and her family founded Van Thinh Phat, which evolved into one of Vietnam’s wealthiest real estate companies over the years.
In 1992, she also got married to Hong Kong investor Eric Chu Nap-kee and they have two daughters.
Presently, the company is associated with prime downtown properties in Ho Chi Minh City, such as the impressive 39-story Times Square Saigon, the luxurious Windsor Plaza Hotel, the 37-story Capital Place office building, and the esteemed Sherwood Residence Hotel.
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