In a massive development, a Vietnamese billionaire Truong My Lan on Thursday was sentenced to death in a $12.5 billion fraud case. As per Vietnamese media reports, Truong My Lan turned out to be the main accused in one of the biggest corruption cases in the history of the country. A panel of three hand-picked jurors and two judges rejected all defense arguments by Truong My Lan, chair of major developer Van Thinh Phat. As a result, Truong My Lan started to trend worldwide. Now, the question arises who is Truong My Lan, Vietnam Billionaire sentenced to death?
Who is Truong My Lan?
Truong My Lan, 67, is the chairwoman of major developer Van Thinh Phat. She was a real-estate tycoon until she was arrested in October 2022. During that time, Truong My Lan's arrest was among the most high-profile in an ongoing anticorruption drive that started in 2016 and has picked up pace since 2022.
As per reports, Truong My Lan illegally controlled the Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022 to siphon the funds through thousands of ghost companies and by paying bribes to government officials. Local media reports suggest that Truong My Lan's asset appropriation was equivalent to about 3 percent of Vietnam’s gross domestic product (GDP) in 2022. Prosecutors informed the court that they seized more than 1,000 properties belonging to her.
On Thursday, Ho Chi Minh City's court found her guilty of embezzlement, bribery, and violations of banking rules. However, her lawyers now have 15 days to appeal the verdict.
During the investigation, it was found that Truong My Lan's husband's involvement came to the fore. Truong My Lan's husband & Hong Kong investor Eric Chu Nap-Kee, was one of the 86 on trial after being accused of setting up fake loan applications to withdraw money from the Saigon bank, in which she owned a 90 percent stake. Lan’s niece Truong Hue Van, who was the CEO of Van Thinh Phat, was another top figure on trial.
A total of 84 defendants in the case received sentences ranging from probation for three years to life sentences.