A property tycoon has been sentenced to death in Vietnam in a case involving the biggest fraud trial in the country’s history.
Truong My Lan was sentenced on Thursday, April 11 by a court in Ho Chi Minh City.
This was after the 67-year-old — the chair of the company Van Thinh Phat (VTP) — was found guilty of embezzlement, bribery and violations of banking rules.
Lan is said to have looted one of Vietnam’s largest banks over a period of 11 years a sum of $12.5 billion – nearly 3% of the country’s GDP in 2022.
The billionaire and her co-accused were charged with illegally controlling the Saigon Joint Stock Commercial Bank between 2012 and 2022 to siphon off the funds through thousands of ghost companies.
Apparently, evidence was in 104 boxes weighing a total of six tonnes. 85 defendants were tried with Lan who maintained her innocence.
The are said to have achieved this by also paying bribes to government officials.
Authorities say that 2,700 people were summoned to testify, with 10 prosecutors and around 200 lawyers involved in the trial.
A family member has told Reuters that Lan will appeal against the death sentence.
