Real Estate Tycoon Sentenced to Death in $19.1 Billion Fraud Case
Cairo: Hani Kamal El-Din
Hanoi: Real estate tycoon Truong My Lan has been sentenced to death by a court in Ho Chi Minh City, southern Vietnam, in the largest financial fraud case ever recorded in the country, according to state media. Vietnam Network saying.
The 67-year-old president of real estate company Van Thinh Phat was indicted for fraud involving $12.5 billion ($19.1 billion), nearly 3 percent of the country’s GDP in 2022.
Truong My Lan, center, before the Ho Chi Minh City court.Credit: AP
His trial, which began on March 5 and ended earlier than planned, was a dramatic result of a campaign against corruption that the leader of the ruling Communist Party, Nguyen Phu Trong, has promised for years to end.
“We will continue to fight to see what we can do,” a family member told Reuters, speaking on condition of anonymity. Before the verdict, he had said Lan would appeal the sentence.
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