In Vietnam, a real estate entrepreneur was sentenced to death for her role in a financial fraud case. Truong My Lan is accused of embezzlement, bribery and violating banking regulations. This concerns the equivalent of more than eleven billion euros.
Lan, who was sentenced to death, is CEO of real estate developer Van Thinh Phat Holdings Group. Before the verdict was announced, a family member said the Vietnamese woman would appeal. Now it was said that we would continue to fight. According to the newspaper Thanh Nien, 84 people have already been sentenced in the case to prison terms ranging from three years’ probation to life imprisonment.
It is the largest fraud case in the country. Lan and her accomplices are accused of siphoning off more than 304 trillion dong (equivalent to 11.3 billion euros) from the Saigon Joint Stock Commercial Bank (SCB). From early 2018 to October 2022, Lan is said to have appropriated large sums of money by illegally providing loans to shell companies. At that time, the state had just bailed out the bank.
Business manager forced to resign
The trial started on March 5 and ended ahead of schedule. It is part of the fight against corruption that the ruling Communist Party, Nguyen Phu Trong, has been promising for years. So far, hundreds of high-ranking officials and key economic managers have been prosecuted or forced to resign. Otherwise there were few tangible results.
Source: Krone
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