A Vietnamese court has handed down a death sentence to Truong My Lan, a prominent real estate tycoon, for her involvement in the country’s largest financial fraud case, amounting to 304 trillion dong (approximately Ksh.1.6 trillion), as reported by state media.
Between 2012 and 2022, the 67-year-old unlawfully controlled the Saigon Joint Stock Commercial Bank (SCB), funneling funds through numerous ghost companies and providing bribes to government officials.
Truong My Lan, who serves as the chairwoman of the real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery, and violations of banking regulations after a trial in Ho Chi Minh City, Vietnam’s business hub, according to state media reports.
The trial, commencing on March 5 and concluding earlier than anticipated, forms part of a broader anti-corruption initiative promised by Nguyen Phu Trong, the leader of Vietnam’s ruling Communist Party, although tangible outcomes have been limited.
Despite denying the charges against her and attributing blame to subordinates, Lan expressed feelings of despair during her final court remarks last week, even contemplating suicide.
“In my despair, I considered death,” she was quoted as saying by state media. “I am deeply regretful for involving myself in this highly competitive business environment – the banking sector – of which I possess limited knowledge.”
Following a string of significant corporate arrests, Vietnamese stocks experienced a $40 billion loss at one juncture in 2022, leading to a loss of investor confidence at a critical moment for the rapidly growing economy.
According to investigators, Lan misappropriated substantial sums by facilitating unlawful loans to shell companies from early 2018 to October 2022, when the state intervened to rescue SCB following a surge in deposit withdrawals.
