A Vietnamese property tycoon has been sentenced to death for her role in the country’s largest ever financial fraud case, the Associated Press reported, as Hanoi continues its unrelenting anti-corruption drive.
Truong My Lan, the 67-year-old chair of real estate company Van Thinh Phat, was accused of a $12.5 billion fraud which saw her siphon funds through thousands of ghost companies and pay bribes to government officials thanks to her illegal control of the Saigon Joint Stock Commercial Bank.
Van Thinh Phat was among Vietnam’s richest real estate firms, with projects including luxury residential buildings, offices, hotels and shopping centres.
Read the full story: Associated Press
- By Sean O’Meara
Also on AF:
Vietnam’s Biggest Ever Scam: Developer Faces Death Penalty
US Chip Firms Looking to Invest $8bn in Vietnam, Official Says
Vietnam Growth Slips on Exports Drop, Anti-Corruption Push
China’s Xi Starts State Visit to Vietnam Aimed at Closer Ties
Chinese Investment in Vietnam Doubles, As US Trade Eases
