Vietnam Tycoon Sentenced to Death in $12 Billion Fraud Case

Published on April 11, 2024

No less than 85 people were found guilty in Vietnam on Thursday in the country’s largest-ever fraud case, with a 67-year-old woman who was the center of the operation receiving the death penalty. Real estate tycoon Truong My Lan, the chairwoman of Van Thinh Phat Holdings Group, was found guilty of defrauding the Saigon Commercial Bank (SCB)—which she indirectly controlled through proxies—of over 304 trillion Dong (over $12 billion) over the course of 11 years. Ms. Lan was sentenced to death on Thursday for embezzlement and received 20 years each for the charges of bribery and violations of banking regulations. According to state media, the 2,500 loans Ms. Lan had approved through her influences between 2012 and 2022—and which made up 93 percent of all the bank’s lending—financially affected 42,000 victims and resulted in $27 billion losses to the bank....

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