October 10, 2024
Vietnamese tycoon sentenced to death for fraud
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Vietnamese tycoon sentenced to death for fraud

Vietnamese tycoon sentenced to death for fraud
Vietnamese property tycoon, Truong My Lan sentenced to death for corruption.

According to a state media report, Vietnamese property tycoon, Truong My Lan, who was sentenced to death this year in the country’s biggest corruption case, has gone on trial on additional fraud charges.

Lan, the chair of real estate company Van Thinh Phat, appeared in court in Ho Chi Minh City on Thursday, facing new charges of obtaining property by fraud, money laundering and illegal cross-border money transfers in a trial expected to last a month.

Also Read: Chinese Ex-Central Bank Executive Sentenced To 16 Years For Graft

According to a police statement released before the trial, Lan allegedly raised 30 trillion dong ($1.2bn) from nearly 36,000 investors by issuing bonds illegally through four companies.

She also stands accused of laundering 445 trillion dong ($18.1bn) and illegally transferring $4.5bn into and out of the country.

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