HANOI: A , court in Vietnam sentenced real estate tycoon Truong My Lan to death over her role in a 304 trillion dong ( US$ 12.46 billion ) financial fraud case, the country’s biggest on record.
At the conclusion of a test in Vietnam’s business gateway Ho Chi Minh City, Lan, the president of real estate developer Van Thinh Lil Holdings Group, was found guilty of embezzlement, bribery, and bank fraud, according to state media reviews.
The test, which began on March 5 and ended earlier than expected, was a part of a campaign against corruption that the ruling Communist Party’s head, Nguyen Phu Trong, has pledged to end for decades, but with scant success.
In the “blazing furnace” assault, hundreds of top state officials and prominent business executives have been accused of or forced to step lower.
Asian stocks experienced a US$ 40 billion wipeout at one point in 2022 as a result of a string of significant commercial arrests, rattling investor confidence at a time when the rapidly expanding economy is at a premium.
Lan’s doctors were not quickly available for comment.
According to prosecutors, Lan and her collaborators were accused of siphoning off more than 304 trillion dollars from Saigon Joint Stock Commercial Bank (SCB), which she successfully controlled through dozens of intermediaries.
Researchers claim that Lan appropriated huge sums by organizing unlawful money to shell companies from first 2018 through October 2022, when the condition bailed out SCB after a move on its deposits.
Lan may appeal the conviction, a family member told Reuters before it was issued.