Truong My Lan: Vietnam billionaire sentenced to death in $27 billion fraud amounting to country’s 6% GDP

Top Vietnamese property tycoon Truong My Lan- chair of major developer Van Thinh Phat- was sentenced to death over her role in a 304 trillion dong ($12.46 billion) financial fraud case. Truong My Lan is accused of taking cash from Saigon Commercial Bank (SCB) for over a decade. She faced charges ranging from bribery, abuse of power, appropriation and violations of banking law. Truong My Lan is married to a wealthy Hong Kong businessman who is also on trial as he is accused of setting up fake loan applications to withdraw money from SCB.

Here’s all you need to know about Truong My Lan and the allegations against her:

What are the charges against Truong My Lan?

Prosecutors said that Truong My Lan allegedly embezzled $12.5 billion. The total damages caused by the scam amount to $27 billion- equivalent to six per cent of the country’s 2023 GDP. She has denied all the charges and blamed her subordinates for the scam.

Will she face a death sentence?

Prosecutors called for Truong My Lan to face the death sentence- a severe punishment in such a case after she was arrested as part of a national corruption crackdown. Prosecutors said that they had seized more than 1,000 properties belonging to her while authorities said that the $5.2 million allegedly given by her and some SCB bankers to state officials was the largest-ever bribe recorded in Vietnam.

What Truong My Lan said in court?

In final remarks to the court last week, Truong My Lan said that she had thoughts of suicide.

“In my desperation, I thought of death,” she said, adding, “I am so angry that I was stupid enough to get involved in this very fierce business environment — the banking sector — which I have little knowledge of.”

Why were there protests after Truong My Lan’s arrest?

Hundreds of people staged protests in the capital Hanoi and Ho Chi Minh City after Truong My Lan’s arrest in October 2022.