HT Digital,
Hanoi, April 11: A verdict in a $12.5 billion fraud case has been delivered by a Vietnamese court, resulting in the sentencing of real estate tycoon Truong My Lan to death. This severe ruling, one of the sternest in the Communist Party’s anti-corruption drive, highlights Vietnam’s clampdown on fiscal misconduct.
Convicted for embezzling funds from Saigon Commercial Bank (SCB), bribery, and violation of banking regulations, Lan, the 67-year-old chairwoman of Van Thinh Phat Group, was arrested in 2022. Her arrest triggered a banking panic at SCB, necessitating government intervention, and sent shockwaves through Vietnam’s financial sector.
Related Posts:
The case has brought into focus the wider anti-corruption initiatives spearheaded by Communist Party Secretary Nguyen Phu Trong, aimed at rooting out corruption across all societal strata.
The trial lasted five weeks, involved 86 defendants, among them Lan’s husband and niece, and exposed the extent of financial crimes in Vietnam’s banking and real estate sectors. Lan’s firm, VTP, owns premium properties in Ho Chi Minh City, adding to its commercial importance.
Although Lan maintained her innocence and offered to compensate for the losses, the court’s judgment mirrors the sternness with which Vietnam is tackling corruption to ensure economic stability and attract global investment.
The case also underscores the challenges confronting Vietnam’s real estate market, as investors reevaluate their positions in light of concerns over financial integrity and regulatory supervision.
