According to state media reports, Truong My Lan, a prominent real estate tycoon in Vietnam, has been sentenced to death by a court in Ho Chi Minh City for her involvement in a massive financial fraud case totaling $12.46 billion, the largest in the country’s history. The trial, which began on March 5 and concluded earlier than expected, found Lan, the chairwoman of Van Thinh Phat Holdings Group, guilty of embezzlement, bribery, and breaches of banking regulations.
This verdict is part of a broader anti-corruption campaign initiated by Vietnam’s ruling Communist Party leader, Nguyen Phu Trong, aimed at rooting out graft. Despite these efforts, there have been limited tangible outcomes. The crackdown, known as the “blazing furnace,” has led to the prosecution or resignation of numerous senior government officials and notable business figures.
Lan and her associates were accused of diverting over 304 trillion dong from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through various proxies. Investigators allege that between early 2018 and October 2022, Lan misappropriated substantial sums by facilitating illicit loans to shell companies. SCB was subsequently bailed out by the state after a run on its deposits.
Lan intends to appeal the verdict, according to a family member who spoke to Reuters prior to its announcement.
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