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Vietnamese Actual Property Tycoon Sentenced to Demise in $12 Billion Fraud Case

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Truong My Lan, a Vietnamese actual property tycoon, was sentenced to demise on Thursday for her function in a monetary fraud case, in a significant show of the ruling Communist Occasion’s resolve to crack down on corruption.

A court docket in Ho Chi Minh Metropolis sentenced Ms. Lan, who was arrested in 2022 and confronted fees of bribing authorities officers, violating banking rules and embezzling greater than $12 billion from considered one of Vietnam’s largest banks.

The trial for Ms. Lan, who was the chairwoman of the true property developer Van Thinh Phat Group, was a part of the federal government’s marketing campaign in opposition to corruption. The chief of Vietnam’s Communist Occasion, Nguyen Phu Trong, has hunted for years to stamp out corruption because the nation emerges as a significant manufacturing hub and as considered one of Asia’s fastest-growing economies.

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Ms. Lan, 67, who’s eligible to attraction the decision inside 15 days below Vietnam’s legal code, has denied the costs all through the court docket proceedings. In Vietnam, a variety of offenses carry the demise penalty, together with violent crimes, financial crimes, drug trafficking and sexual abuse.

The principle fees in opposition to Ms. Lan concerned her embezzling cash from Saigon Industrial Financial institution between 2018 and 2022, for which a panel of judges sentenced her to demise. However the court docket additionally sentenced her to twenty years in jail for every of the opposite two fees, bribery and banking legislation violation.

Prosecutors mentioned that the entire monetary damages in her case amounted to $20 billion, or about 5 p.c of Vietnam’s gross home product, in response to the state information media. Ms. Lan’s lawyer declined to remark.

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