Hanoi CNN —A court in Vietnam sentenced real estate tycoon Truong My Lan Thursday to death over her role in a 304 trillion dong ($12.46 billion) financial fraud case, the country’s biggest on record, state media reported.
The crackdown, dubbed “blazing furnace,” has seen hundreds of senior state officials and high-profile business executives prosecuted or forced to step down.
Lan and her accomplices were accused of siphoning off more than 304 trillion dong from Saigon Joint Stock Commercial Bank, or SCB, which she effectively controlled through dozens of proxies, according to investigators.
From early 2018 through October 2022, when the state bailed out SCB after a run on its deposits, Lan appropriated large sums by arranging unlawful loans to shell companies, investigators said.
Lan will appeal the verdict, a family member told Reuters before it was issued.
Persons:
Hanoi CNN —, Truong, Van Thinh, Vietnam’s, Nguyen Phu Trong, ”, Lan
Organizations:
Hanoi CNN, Van Thinh Phat Holdings Group, Communist Party, Stock Commercial Bank, Reuters
Locations:
Hanoi, Vietnam, Chi Minh City, Saigon