In a dramatic turn of events, Vietnamese real estate tycoon Truong My Lan has been handed a life sentence by a court in Vietnam on Thursday. This verdict comes after she was previously sentenced to death in April in a separate trial.
Lan, the 67-year-old chairwoman of Van Thinh Phat Holdings Group, was found guilty of obtaining property by fraud, money laundering, and illegal cross-border money transfers, according to state-run Tuoi Tre newspaper. While she acknowledged many of her offenses during the trial, Lan refuted allegations that she had directed the bond issuance involved in the case.
Alongside Lan, thirty-three individuals tried with her in this second trial—including her husband and niece—received sentences ranging from two to 23 years of imprisonment. The charges against them stemmed from their involvement in fraudulent activities linked to Lan’s business empire.
Back in April, Lan was sentenced to death after being convicted of orchestrating Vietnam’s largest-ever financial fraud case, amounting to $12.5 billion—nearly three percent of the country’s 2022 GDP. She was also found guilty of illegally controlling the Saigon Commercial Bank, facilitating loans that resulted in losses of $27 billion.
This case has sent shockwaves through Vietnam’s business community, highlighting the government’s intensified crackdown on corruption and financial malfeasance. The severity of Lan’s sentencing underscores the judiciary’s commitment to holding high-profile figures accountable, regardless of their status.
The outcome of these trials is expected to have significant implications for Vietnam’s real estate and banking sectors. Authorities are anticipated to tighten regulations and enhance transparency to prevent similar fraud cases in the future.
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Vietnam's death-row tycoon Truong My Lan given life in prison
cgtn.com
