– Real estate tycoon Truong My Lan sentenced to death in Vietnam
– Found guilty of embezzlement, bribery, and violating banking rules
– Embezzled more than $12 billion, about 3% of Vietnam’s 2022 GDP.
Real estate tycoon Truong My Lan of Vietnam was sentenced to death after being found guilty of embezzlement, bribery, and violating banking rules. She was accused of illegally controlling Saigon Commercial Bank, using shell companies to secure loans, and embezzling over $12 billion, around 3% of Vietnam’s GDP in 2022. Lan was also found guilty of bribing government officials and violating banking regulations.
The fraud trial, which began in March 2022, was the largest in Vietnam’s history and one of Southeast Asia’s most significant corruption scandals. Lan was the chairwoman of real estate developer Van Thinh Phat Group, arrested in 2022. Prosecutors estimated that the damage caused to the bank by the scam was around $27 billion, far more than what Lan had embezzled. Despite the verdict requiring Lan to return this sum in compensation, prosecutors admitted that this was unlikely to happen.
The severity of Lan’s punishment, including the death penalty, reflected Vietnam’s ongoing campaign against corruption. This case also saw others involved in the fraud being sentenced to prison terms, including former bank executives and government officials. Lan’s husband and niece were also implicated in aiding her in the fraud scheme. The death penalty is uncommon in Vietnam, usually reserved for cases involving drug trafficking or murder, making Lan’s case stand out for the severity of her punishment.