In a landmark verdict, Truong My Lan, the 67-year-old chair of the company Van Thinh Phat, has been sentenced to death by a Vietnamese court. The ruling comes after what is being hailed as the biggest fraud trial in the country’s history.
The Allegations
Lan and her accomplices faced charges related to a staggering $12.5 billion fraud scheme, equivalent to nearly 3% of Vietnam’s GDP in 2022. Their alleged crimes centred around the illegal control of the Saigon Joint Stock Commercial Bank during the period from 2012 to 2022. The elaborate scheme involved siphoning off funds through a network of ghost companies and bribing government officials.
High-Profile Arrest and Anti-Corruption Drive
Lan’s arrest in October 2022 sent shockwaves through the business and political circles. Her prominence as a property tycoon made her case one of the most closely watched in an ongoing anti-corruption drive within Vietnam. Dubbed the “blazing furnace,” this crackdown has targeted hundreds of senior state officials and influential business leaders.
Appeal and Family Statement
Despite the grim verdict, Lan’s family remains resolute. A family member informed Reuters that they plan to appeal the decision. The legal battle is far from over, and the outcome will continue to reverberate across the nation.
