A court in Vietnam has sentenced real estate tycoon Truong My Lanto death over her role in a 304 trillion dong ($12.46 billion) financial fraud case, the country’s biggest on record, state media reported.
The death sentence was passed by the court on Thursday in a case which is recognized as the biggest fraud case in the country’s history.
According to reports, the chairwoman of real estate developer Van Thinh Phat Holdings Group was found guilty of embezzlement, bribery and violations of banking rules.
The trial of the business Tycoon was reportedly part of a campaign against graft that the leader of Vietnam’s ruling Communist Party, Nguyen Phu Trong, has pledged to stamp out
The crackdown which was tagged “blazing furnace” has seen hundreds of senior state officials and high-profile business executives prosecuted or forced to step down.
Lan and her accomplices were accused of siphoning off more than 304 trillion dong from Saigon Joint Stock Commercial Bank, or SCB, which she effectively controlled through dozens of proxies, according to investigators.
According to the charges, from early 2018 through October 2022 when the state bailed out SCB after a run on its deposits, Lan allegedly appropriated large sums by arranging unlawful loans to shell companies.
