Truong My Lan, a prominent Vietnamese real estate tycoon, has been convicted of orchestrating Vietnam’s largest financial fraud, amounting to a staggering $12.5 billion. The 67-year-old has been sentenced to death by the Vietnamese court, marking a significant development in the country's fight against corruption.
Lan's journey into the business world began modestly, assisting her mother's cosmetics business in Ho Chi Minh City's oldest market. However, her fortunes changed when she married Hong Kong investor Eric Chu Nap-kee in 1992, leading to the establishment of the Van Thinh Phat (VTP) real estate company.
Over the years, VTP flourished, emerging as one of Vietnam's wealthiest real estate firms, undertaking ambitious projects including luxury apartments, offices, hotels, and shopping malls across the nation. Lan's pivotal role in the company's success became apparent when VTP became involved in the merger of Saigon Joint Commercial Bank (SCB) and two other banks in 2011.
Using SCB as her financial hub, Lan masterminded a complex scheme involving the creation of numerous "ghost companies" to secure loans, resulting in staggering losses of $27 billion. To grease the wheels of her fraudulent operation, Lan paid hefty bribes to bank and government officials, including former central authorities.
In 2022, Lan's reign of financial deceit came to an end when she was apprehended under Vietnam's stringent anti-corruption initiative, the "Blazing Furnace campaign." The subsequent investigation revealed her vast portfolio of ill-gotten assets, amounting to a staggering 3% of Vietnam's GDP for the year.
Throughout her trial, Lan vehemently denied the charges against her, attempting to shift blame onto her subordinates. However, compelling testimonies and evidence presented in court painted a damning picture of her involvement in the scam, culminating in her conviction and death sentence on 11th April 2024.
Lan's case has sent shockwaves across Vietnam, underscoring the magnitude of corruption within the country's elite circles. With 86 other members of VTP also facing legal proceedings, the case serves as a stark reminder of the consequences of financial malpractice in Vietnam, where death sentences for such crimes remain rare but not unprecedented.
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