Leader Online Desk: Vietnamese construction businessman Tuong My Lan has been sentenced to death in one of the country's biggest corruption scandals. It is a corruption case worth about 27 billion dollars (Rs. 2 lakh 22 thousand 300 crores). This is one of the biggest scandals in the history of Vietnam.
Tuong My Lan Truong My Lan, 67, is the president of Van Thinh Phat's construction company. His company was also known as the largest developer company in the country. Convicted of embezzling Saigon Commercial Bank (SCB) funds for more than a decade. A panel of three jurors and two judges rejected all of Lan's defense arguments and sentenced him to death. Apart from Lan, 85 others have also been indicted on charges such as bribery, abuse of power, fraud and violation of the Banking Act.
Van Thinh Phat, a real estate company owned by Lan, was accused of defrauding her of $12 billion. The scam was worth about 3 percent of the country's gross national income, the Associated Press reported, quoting Vietnam's Thanh Nien. Lan is also accused of illegally controlling the Saigon Joint Stock Commercial Bank in Vietnam between 2012 and 2022 by bribing government officials. Lan's arrest in 2022 was the most high-profile crackdown in the country's anti-corruption drive.
Death penalty for corruption
Lan's death sentence is believed to be part of a national campaign against corruption in Vietnam. Many officials and business people have been arrested in this campaign. The case is considered an important step against corruption in Vietnam.
Vo Van Thuong resigned last month after being embroiled in an anti-corruption campaign. Van Thinh Phat is one of Vietnam's richest real estate companies. Their names include luxury residential buildings, offices, shopping centers and hotels. Last year, about 1,300 property companies withdrew from Vietnam's real estate market, dealing a blow to the sector.
BREAKING: Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud case https://t.co/KXF8NttHR2
— The Associated Press (@AP) April 11, 2024
