According to local media reports, a corruption trial in Vietnam involves a property tycoon who could potentially face the death penalty. Truong My Lan, the chairwoman of Van Thinh Phat Holdings Group (VTP), is accused of embezzling over 304 trillion dong ($12.5 billion) from Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022.
The alleged fraud was carried out through numerous ghost companies controlled by Lan. Additionally, Lan and her accomplices are said to have taken loans from the bank, resulting in a further 193 trillion dong ($7.8 billion) in damages due to accumulated interest.
The total damages caused by the scam amount to approximately 498 trillion dong ($20 billion), which is equivalent to around 4.69% of Vietnam’s GDP. Lan is also accused of bribing officials, including a senior central bank inspector, and a total of 85 individuals are being investigated in connection with the case.
Lan was arrested in October 2022, and her trial is expected to conclude by the end of April. Prosecutors are seeking a death sentence for embezzlement, 20 years in prison for bribery, and up to 20 years for violating financial regulations.
The prosecutors argue that Lan’s actions have had severe and irreversible consequences, and therefore, she should be permanently removed from society.
Lan’s spokespersons have refrained from providing any comments to the media regarding the ongoing proceedings.
VTP emerged as a highly lucrative real estate firm in Vietnam, boasting a diverse portfolio of projects including upscale residential complexes, office spaces, hotels, and retail establishments. The company possessed some of the most opulent properties in Ho Chi Minh City, the nation’s primary commercial center.
Lan’s legal case is a component of an anti-corruption initiative initiated in 2022, resulting in the scrutiny of numerous government officials and corporate leaders at the upper echelons of power.
