Vietnamese Billionaire Given Death Penalty in Country's Biggest Financial Fraud

Vietnamese Billionaire Given Death Penalty in Country's Biggest Financial Fraud

Real Estate billionaire Truong My Lan was handed the death penalty in one of Vietnam's biggest financial frauds amounting to $27 billion. Lan, 66, the chair of Van Thinh Phat real estate firm is accused of using thousands of ghost companies, bribing government officials, and violating banking regulations. She allegedly controlled the Saigon Commercial Bank for a decade and illegally used to embezzle $12.5 billion - an amount that constitutes 3% of Vietnam's GDP in 2022. Additionally, at least 85 others also stand co-accused, including former central bankers and government officials. Lan was arrested in October 2022. Hundreds staged protests in Hanoi following her arrest.

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