Truong My Lan is at the center of this massive fraud, accused of embezzling as much as US$12.5 billion. On Thursday, a court sentenced her to death as part of an anti-corruption crackdown in Vietnam.
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A real estate tycoon was sentenced to death Thursday for his role in a widespread financial fraud in Vietnam, according to news reports.
Truong My Lan, chairman of development company Van Thinh Phat Holdings Group, was sentenced after a month-long trial as the country cracks down on corruption. Reuters reports.
Lan and other defendants are accused of embezzling $12.5 billion from Saigon Commercial Bank through as many as 1,000 shell companies controlled by Lan and his associates.
According to reports on the case, thousands of investors suffered losses in the scandal. Hundreds of people protested in Ho Chi Minh City and Hanoi.
Lan’s company owns several striking buildings across Vietnam. Foreign investors have signaled to the court responsible for the Lan case that they are interested in taking over the assets after the trial, Reuters reports.
The properties include a collection of high-end hotels, including Saigon Times Square, one of the tallest buildings in Ho Chi Minh City, the Sherwood Residences and the Windsor Plaza Hotel. Some companies’ buildings are still unfinished.It is unclear whether the companies own or operate real estate in the United States, but citing Company website This is unlikely.
“I think success should be measured by the lasting mark left on the sustainable development of a country and its people,” Lan said.
Investigators have been trying to pinpoint the ownership of properties owned by Lang’s company, a process difficult because several buildings are still under construction and others may have been used as collateral for loans.
The companies’ total assets are estimated to be between $12 billion and $48 billion, according to Reuters.
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