Skip to content
the local report

World

Vietnamese tycoon sentenced to death in multi-billion dollar fraud case

By | Published | No Comments

Vietnamese real estate tycoon Truong My Lan has been sentenced to death for his role in a multi-billion dollar fraud.

Lan, 67, chairman of real estate company Van Thinh Phat (VTP), was found guilty of corruption, bribery and violating banking regulations at the end of a trial in Ho Chi Minh City.

The billionaire is accused of committing fraud worth $12.5bn (£10bn), accounting for almost 3% of Vietnam’s GDP in 2022, according to news agencies. The BBC reports that she was convicted of withdrawing $44bn (£35bn) in loans from Saigon Commercial Bank, with prosecutors claiming $27bn may never be recovered.

Lan was arrested in October 2022 as part of Vietnam’s ongoing anti-corruption campaign known as the “Fire Furnace”.

A family member told Reuters she would appeal the verdict.

This story is being updated

Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in

Surja, a dedicated blog writer and explorer of diverse topics, holds a Bachelor's degree in Science. Her writing journey unfolds as a fascinating exploration of knowledge and creativity.With a background in B.Sc, Surja brings a unique perspective to the world of blogging. Hers articles delve into a wide array of subjects, showcasing her versatility and passion for learning. Whether she's decoding scientific phenomena or sharing insights from her explorations, Surja's blogs reflect a commitment to making complex ideas accessible.

Latest posts