Vietnamese Real Estate Tycoon Sentenced to Death for Financial Fraud
Truong My Lan, a prominent Vietnamese real estate tycoon, was sentenced to death on Thursday for her involvement in a major financial fraud case. The ruling Communist Party’s crackdown on corruption was on full display as a court in Ho Chi Minh City found Ms. Lan guilty of bribery, violating banking regulations, and embezzling over $12 billion from one of Vietnam’s largest banks.
Ms. Lan, the chairwoman of the real estate developer Van Thinh Phat Group, was arrested in 2022 as part of the government’s campaign against corruption. The trial highlighted the government’s commitment to stamping out corruption, with Communist Party leader Nguyen Phu Trong leading the charge.
The anti-corruption drive, initiated by Mr. Trong in 2016, has already led to the downfall of many business leaders and top officials, including former president Vo Van Tong. Ms. Lan’s case, which involved embezzlement from Saigon Commercial Bank, resulted in a death sentence along with additional prison terms for bribery and banking law violations.
Prosecutors revealed that the financial damages in Ms. Lan’s case amounted to a staggering $20 billion, a significant portion of Vietnam’s GDP. The court found that she had almost absolute control over the bank, using her power to withdraw large sums of money, bribe officials, and push the bank into a liquidity crisis.
In addition to Ms. Lan, 85 other individuals, including her husband and niece, were charged in connection with the case. Despite her denial of the charges, Ms. Lan now has 15 days to appeal the verdict under Vietnam’s criminal code.
Ms. Lan’s rise to prominence in the business world began in 1992 when she founded Van Thinh Phat. Starting as a market stall vendor, she eventually became one of the wealthiest women in Vietnam, with a portfolio that includes luxury hotels and apartment complexes.
The sentencing of Truong My Lan serves as a stark reminder of the consequences of corruption in Vietnam, as the government continues its efforts to clean up the country’s financial sector and uphold the rule of law.
