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

At the end of the trial in Ho Chi Minh City, Truong was found guilty of corruption, bribery and violating banking rules.

The billionaire chairman of real estate company Van Thinh Phat (VTP) is accused of defrauding $12.5bn (£10bn), almost 3% of Vietnam’s 2022 GDP, news agencies reported.

She was found to have withdrawn $44bn (£35bn) in loans from Saigon Joint Stock Commercial Bank (SCB), with prosecutors claiming $27bn may never be recovered, the BBC reported.

The high-profile trial began on March 5 but ended earlier than planned, shocking Vietnam. VTP is one of the largest developers in the United States with a portfolio of luxury homes, offices, hotels and shopping malls.

Vietnam’s stock market suffered a $40 billion loss in 2022 after a series of major corporate arrests shook investor confidence.

Lan and his associates are accused of illegally controlling Standard Chartered Bank and siphoning funds through thousands of ghost companies.

Investigators said that from early 2018 to October 2022, when the state bailed out Standard Chartered Bank after a run on deposits, Lan embezzled large amounts of money by arranging illegal loans to shell companies while bribing government officials.

The real estate developer was arrested in October 2022 as part of Vietnam’s ongoing anti-corruption campaign known as the “Blazing Furnace”.

A family member told Reuters that Lan, 67, would appeal the verdict.

Hundreds of prominent business figures have been forced to resign or have been prosecuted as a result of the “Hot Furnace” scandal. Former President Vo Van Thuong resigned last month amid the investigation.

Ruling Communist Party General Secretary Nguyen Phu Trong has vowed for years to end corruption in Vietnam.

Analysts told The Associated Press that the scale of Lam’s scam has raised questions about other businesses in the country, hurting Vietnam’s economic prospects and worrying foreign investors at a time when Vietnam has been trying to market itself as a key player in supply chains. Home for businesses moving out of China. according to.

Agency’s Supplementary Report