Vietnam Tycoon On Death Row For Massive Fraud Faces New Charges

Truong My Lan, a Vietnamese real estate tycoon sentenced to death for her role in the country’s largest-ever financial fraud case, is facing new charges for crimes including money laundering. According to state media, Lan is accused of illegally transferring $4.5 billion in and out of the country. The Ministry of Public Security has recommended that she be prosecuted for money laundering, fraudulent appropriation of property, and illegal transport of currency.

Lan, 67, was sentenced to death in April for her involvement in a $12 billion fraud case. She was found guilty of embezzlement, bribery, and violations of banking rules after a high-profile trial in Ho Chi Minh City.

The fraud case involved Lan’s illegal control of Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022, where she siphoned funds through thousands of ghost companies. Her husband, Hong Kong billionaire Eric Chu Nap Kee, was handed a nine-year prison sentence for his involvement in the scam.

Lan has denied the charges against her and has filed an appeal against her death sentence. Prosecutors alleged that damages resulting from the scheme totalled $27 billion, equivalent to 6 percent of the country’s economy.

The new charges against Lan are part of a broader crackdown on corruption in Vietnam, known as the Blazing Furnace campaign. The campaign, launched in 2016, has resulted in the resignations of two presidents and the jailing of hundreds of officials.
Lan’s case is seen as a significant example of the government’s commitment to addressing financial crimes and upholding the rule of law in Vietnam. The investigation into her money laundering activities is ongoing, and no further details have been disclosed as of yet.