A court in Vietnam has sentenced real estate tycoon Truong My Lan to death for her involvement in a $12.46 billion financial fraud case.
The verdict delivered on Thursday comes after a trial that began on March 5 and ended earlier than anticipated, drawing attention both domestically and internationally.
Truong My Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery, and violations of banking regulations in the bustling business hub of Ho Chi Minh City.
Despite pleading not guilty to the charges of embezzlement and bribery, the court handed down a death sentence for the embezzlement charge and 20 years each for the other two offenses.
The trial and subsequent verdict are part of a broader crackdown on corruption spearheaded by Vietnam’s ruling Communist Party, led by Nguyen Phu Trong, who has long vowed to eradicate corruption from the country’s political and economic landscape.
The case revolves around allegations of massive embezzlement and financial mismanagement within Saigon Joint Stock Commercial Bank (SCB), which Truong My Lan effectively controlled through a network of proxies.
Prosecutors accused her of siphoning off over 304 trillion dong from the bank through illicit loans to shell companies and other unlawful practices.
Truong My Lan’s rise from a cosmetics trader to a prominent figure in Vietnam’s financial world adds a layer of intrigue to the case. Starting her career in the central market of Ho Chi Minh City, she founded Van Thinh Phat in 1992 and quickly ascended to prominence in the real estate sector.
However, her fall from grace has been swift and dramatic, culminating in the unprecedented death sentence.
The trial also implicated several others, including Lan’s husband, Eric Chu, and her niece, who received lengthy prison terms for their roles in the fraud scheme.
The court’s decision reflects the severity with which Vietnam is addressing corruption within its borders, with the government keen to demonstrate its commitment to accountability and transparency.
Despite the verdict, some remain skeptical about the effectiveness of Vietnam’s anti-corruption efforts, pointing to widespread bribery and graft across various sectors.
However, the sentencing of Truong My Lan sends a strong message that no one, regardless of their status or influence, is above the law in Vietnam’s pursuit of justice and integrity.
