Vietnamese Property Tycoon Convicted in High-Profile Fraud Case

A prominent Vietnamese property mogul was convicted on Thursday for fraudulently acquiring assets valued at billions of dollars, amid a significant government crackdown on corruption.

Truong My Lan had previously been found guilty by the same court in Ho Chi Minh City in April for defrauding a sum of $12.5 billion—almost 3% of the nation’s gross domestic product—in a separate case, resulting in a death sentence by lethal injection.

The trials were divided into two parts due to the extensive nature of the allegations against her. Thursday’s ruling, which could lead to a maximum penalty of life imprisonment, further complicates Lan’s legal situation as she awaits the outcome of her death sentence appeal.

Over the past few decades, Vietnam has issued more than 2,000 death sentences and executed over 400 individuals. The death penalty can be imposed for 14 different offences but is predominantly reserved for murder and drug trafficking cases.

The VNExpress online newspaper reported that Lan, chairwoman of property developer Van Thinh Phat, addressed the judges during her closing statement last week, stating, “Standing here today is a price too expensive for me to pay. I consider this my destiny and a career accident.

“For the rest of my life, I will never forget that my actions have affected tens of thousands of families.”

Thirty-three other individuals faced trial as co-defendants in the case, but further details regarding their verdicts were not immediately disclosed. Lan’s sentence is expected to be announced later today.

State-run media reports indicate that Lan was convicted not only for obtaining property through fraudulent means but also for money laundering and conducting illegal cross-border money transfers.

Allegations against her include raising $1.2 billion from nearly 36,000 investors by unlawfully issuing bonds through four companies. Additionally, she was found guilty of embezzling $18 billion acquired through fraud and utilising her companies to illegally transfer over $4.5 billion in and out of Vietnam between 2012 and 2022.

It remains uncertain whether Lan will contest the verdict, and no date has been established for her appeal regarding the death penalty conviction.

In her conviction in April, she was determined to have masterminded financial fraud totalling £12.5 billion by unlawfully managing a major bank, leading to losses of £27 billion, as reported by state media.

Lan’s arrest in October 2022 was one of the most prominent cases in a continuing anti-corruption campaign in Vietnam, which has escalated since 2022.

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