Vietnamese tycoon sentenced to death could face new charges, state media say | Corruption

Truong My Lan accused of illegally transferring $4.5 billion, the latest development in the country’s largest fraud case ever.

A Vietnamese real estate tycoon sentenced to death for her role in the country’s biggest ever fraud case faces new charges for crimes including money laundering.

Police found that Truong My Lan, director of property developer Van Thinh Phat, had illegally transferred about $4.5 billion into and out of the country, state media said on Thursday.

The Ministry of Public Security recommended that Lan be prosecuted for money laundering, fraudulent appropriation of property and illegal transportation of currency, state newspaper Thanh Nien reported.

In April, Lan was sentenced to death after being found guilty of embezzlement, bribery and violations of banking rules following a high-profile trial in Ho Chi Minh City.

Lan, 67, was found to have illegally controlled Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022 to divert funds through thousands of shell companies.

Lan’s husband, Hong Kong billionaire Eric Chu Nap Kee, was sentenced to nine years in prison for his role in the scam.

Lan, who denied the charges against him, filed an appeal against his death sentence.

Prosecutors alleged that damages resulting from the scheme amounted to $27 billion, equivalent to 6 percent of the country’s economy.

Lan is among the most prominent business figures caught up in an anti-corruption crackdown dubbed Blazing Furnace.

The anti-corruption campaign, which was launched in 2016 but has accelerated in recent years, has been linked to the resignations of two presidents and resulted in the discipline or imprisonment of hundreds of officials.

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