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Real estate tycoon sentenced to death in Vietnam's largest fraud case

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Truong My Lan is a high-profile businesswoman who chaired a sprawling company that developed luxury apartments, hotels, offices and shopping malls.

A Vietnamese real estate tycoon was sentenced to death Thursday in the country's biggest ever financial fraud case, a shocking development in an intensifying anti-corruption drive in the Southeast Asian nation.

She and her family established the Van Thinh Phat company in 1992, when Vietnam shed its state-run economy in favor of a more market-oriented one that was open to foreigners. Over the years VTP grew to become one of Vietnam's richest real estate firms. The court sentenced her to death, saying her actions"not only violate the property management rights of individuals but also pushed SCB into a state of special control, eroding people's trust in the leadership of the party and state."

 

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Vietnam tycoon Truong My Lan sentenced to death in $12.5 billion fraud trialA Vietnam court has sentenced real estate tycoon Truong My Lan to death in the country’s largest financial fraud case. The 67-year-old chair of real estate company Van Thinh Phat was accused of fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP.
Source: AP - 🏆 728. / 51 Read more »