Who is Truong My Lan? Truong My Lan, a prominent real estate figure, has been sentenced to death by a local court in Vietnam‘s largest financial fraud case.
The ruling comes after Lan, aged 67, was found guilty of a litany of charges, including embezzlement exceeding $12.5 billion, graft, abuse of power, appropriation, and violations of financial laws.
Who is Truong My Lan?
Truong‘s journey in business began in the hair accessory industry before transitioning into real estate.
Her career reached new heights when she assumed control of a major commercial bank in 2012, directing substantial loans towards her own ventures through intermediaries.
The Alleged $12.5 Billion Embezzlement:
Lan’s downfall began in 2022 when she was apprehended for allegedly embezzling billions from the Sai Gon Joint Stock Commercial Bank via fraudulent loan applications.
The Largest Corruption Scandal in Vietnam:
The highly publicized trial, which commenced in March 2024, shed light on Lan’s alleged involvement in embezzlement, bribery, and violations of banking regulations.
Notably, the trial encompassed 82 defendants, including Lan’s relatives and former high-ranking officials from the banking and government sectors.
Legal Consequences: Verdicts and Sentences:
In the aftermath of the trial, Lan’s husband and niece were handed jail terms, while others faced punishments ranging from suspended sentences to life imprisonment.
Her actions “not only violate the property management rights of individuals and organizations but also push SCB into a state of special control; eroding people’s trust in the leadership of the Party and State”, VnExpress quoted the judgement as saying.
Lan’s Defense and Anti-Corruption Efforts:
Throughout the proceedings, Truong My Lan vehemently denied the charges, placing blame on her subordinates for the embezzlement.
Blazing Furnace campaign
Lan’s arrest in October 2022 marked a significant development in Vietnam’s ongoing anticorruption campaign, known as the Blazing Furnace initiative, which has intensified since 2022.
This campaign has implicated top-level figures in Vietnamese politics, including the resignation of two presidents and two prime ministers in recent years, along with the disciplining or incarceration of hundreds of officials.
Lan’s husband, Hong Kong investor Eric Chu Nap-Kee, was among 86 individuals put on trial for allegedly orchestrating fake loan applications to siphon funds from Saigon bank, of which Lan owned a 90 percent stake.
Another prominent figure on trial was Lan’s niece, Truong Hue Van, who served as the CEO of Van Thinh Phat.
According to reports from Thanh Nien newspaper, 84 defendants in the case received sentences ranging from three years’ probation to life imprisonment.
Michael Tatarski, host of the Vietnam Weekly podcast based in Ho Chi Minh City, highlighted that Lan and her family maintained a low profile despite their substantial wealth, with limited public information or images available about them.
