The Guardian

Vietnamese billionaire sentenced to death in $12 billion fraud case

Vietnamese real estate tycoon Truong My Lan was sentenced to death on Thursday for his role in a financial fraud case, in a major sign of the ruling Communist Party's determination to crack down on corruption.

A Ho Chi Minh City court handed down the sentence for Lan, who was arrested in 2022 on charges of bribing government officials, violating banking regulations and embezzling more than $12 billion from one of Vietnam's largest banks. .

The trial of Mr. Lan, who was chairman of real estate developer Van Tinh Phat Group, was part of the government's anti-corruption campaign. Vietnam's Communist Party leader Nguyen Phu Trong has long sought to combat corruption as the country emerges as a major manufacturing hub and one of Asia's fastest-growing economies.

Chong launched an anti-corruption campaign in 2016, saying corruption could threaten the survival of the Communist Party, which has ruled the country for nearly half a century. The campaign led to the ouster of many business leaders and government officials, including former President Beau Van Ton, who resigned in March amid corruption allegations.


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