A Vietnamese court delivered a severe verdict in a $12.5 billion fraud case, sentencing real estate mogul Truong My Lan to death. The ruling, marking one of the harshest punishments under the Communist Party's anti-corruption campaign, underscores Vietnam's crackdown on financial wrongdoing.
Lan (67), chairwoman of Van Thinh Phat Group, was convicted of embezzling funds from Saigon Commercial Bank (SCB) and engaging in bribery and violations of banking regulations.
Lan's arrest in 2022 sent shockwaves through Vietnam's financial sector, triggering a bank run at SCB and prompting government intervention. The case has drawn attention to the broader anti-corruption efforts led by Communist Party Secretary Nguyen Phu Trong, targeting corruption at all levels of society.
The trial, which lasted five weeks and involved 86 defendants, including Lan's husband and niece, shed light on the magnitude of financial crimes in Vietnam's real estate and banking sectors. Lan's company, VTP, owns prime properties in Ho Chi Minh City, contributing to its status as a commercial hub.
Despite Lan's claims of innocence and offers to compensate for losses, the court's ruling reflects the severity with which Vietnam is addressing corruption in its pursuit of economic stability and global investment. The case underscores the challenges facing Vietnam's real estate market, as investors reassess their positions amid concerns over financial integrity and regulatory oversight.
