A court in Vietnam sentenced real estate tycoon Truong My Lan Thursday to death over her role in a 304 trillion dong ($12.46 billion) financial fraud case, the country’s biggest on record, state media reported.
A court in Vietnam sentenced real estate tycoon Truong My Lan Thursday to death over her role in a 304 trillion dong financial fraud case, the country’s biggest on record, state media reported. At the end of a trial in Vietnam’s business hub Ho Chi Minh City, the chairwoman of real estate developer Van Thinh Phat Holdings Group was found guilty of embezzlement, bribery and violations of banking rules, state media reports said.
The crackdown, dubbed “blazing furnace,” has seen hundreds of senior state officials and high-profile business executives prosecuted or forced to step down. At one point in 2022, Vietnamese stocks suffered a $40 billion wipeout following a series of big corporate arrests, rattling investor confidence at a delicate moment for the fast-growing economy. Lan’s lawyers were not immediately available for comment.
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