One of the top business tycoons in Vietnam, Truong My Lan, has been convicted of committing financial crimes and is sentenced to life imprisonment by the Vietnam court. Moreover, she was sentenced to death in a separate court hearing in April.
According to the state-run Tuoi Tre newspaper, Lan has misused her position as the chairwoman of the real estate developer Van Thinh Phat Holdings Group and was found guilty of obtaining property by fraud, money laundering, and illegal cross-border money transfers.
As per the police statements released ahead of the trial, Lan’s company is accused of illegally raising 30 trillion dong ($1.2 billion) by issuing bonds for investors. It further stated that the chairwoman illegally transferred $4.5 billion into and out of Vietnam and laundered 445 trillion dong ($18.1 billion). However, she denied the allegations directed the bond issuance but accepted offences apart from them.
About the April Trial
In April, Lan received a death sentence in a separate trial after being convicted of embezzlement, bribery, and banking rule violations in a 304 trillion dong financial fraud case, the largest in the country’s history.
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Lan’s 2022 arrest triggered a run on Saigon Joint Stock Commercial Bank (SCB), one of the nation’s largest private banks by deposits, which was heavily involved in the fraud and largely controlled by Lan through her proxies.