A Vietnamese real estate tycoon has been convicted of fraudulently obtaining property worth billions of dollars in a case that has been a centerpiece of the government's crackdown on corruption. Truong My Lan, the chairwoman of property developer Van Thinh Phat, was found guilty of fraud amounting to $12.5 billion in a separate case and was sentenced to death by lethal injection in April.
The recent verdict, which carries a maximum penalty of life in prison, adds to Lan's legal troubles as she awaits the appeal of her death sentence. Thirty-three others were tried as co-defendants in the case, with details on their verdicts not immediately available.
Lan was convicted of obtaining property by fraud, money laundering, and illegal cross-border money transfer charges. She was accused of raising $1.2 billion from nearly 36,000 investors through illegal bond issuances and siphoning off $18 billion obtained through fraud.
In addition, Lan was found guilty of using companies under her control to illegally transfer more than $4.5 billion in and out of Vietnam between 2012 and 2022. Her arrest in October 2022 was part of an ongoing anti-corruption drive in Vietnam that has intensified in recent years.
The Communist Party's anti-corruption campaign has led to the ousting of several high-ranking officials, including former President Vo Van Thuong. The crackdown, initiated in 2013, has since expanded to the private sector, resulting in the arrest of prominent business figures like Lan and Trinh Van Quyet.
Van Thinh Phat, founded by Lan and her family in 1992, grew to become one of Vietnam's wealthiest real estate companies, with a portfolio that includes luxury residential buildings, offices, hotels, and shopping centers. Lan's legal troubles have raised concerns about the impact on Vietnam's economy and foreign investor confidence.
The recent convictions underscore Vietnam's commitment to combating corruption and holding individuals accountable for financial crimes. The country's anti-corruption efforts have garnered international attention and are seen as crucial in maintaining transparency and integrity in its business environment.
