Biggest bank fraud in the world. If he doesn’t return 75% of what he stole, Truong My Lan dies

by Andrea
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Biggest bank fraud in the world. If he doesn't return 75% of what he stole, Truong My Lan dies

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Biggest bank fraud in the world. If he doesn't return 75% of what he stole, Truong My Lan dies

Truong My Lan, chairman of real estate giant VTP and accused of fund fraud for a decade, was sentenced to death.

She is one of the few women in Vietnam to be sentenced to death for a white-collar crime. If you return three quarters of the money you are “just” arrested. Problem — even if she’s a millionaire, it’s not that easy to fix.

Truong My Lan, a Vietnamese real estate tycoon (she calls herself the “real estate queen”), is 68 years old and has billions of euros in debt.

The Vietnamese Court concluded that My Lan secretly controlled Saigon Commercial Bank, the country’s fifth largest bank, and took out loans and money over more than 10 yearsthrough a network of shell companies, totaling 44 billion dollars (around 42 billion euros — 11 billion of them were embezzled), account to .

Will it be the biggest bank fraud everand the Public Prosecutor’s Office considers Lan’s crimes “enormous and unprecedented”.

When she was convicted and sentenced in April, she was president of a major real estate company, the Grupo Van Thinh Phat. It was a highlight of the “Fornos Acesos” anti-corruption campaign, led by the then General Secretary of the Communist Party, Nguyen Phu Trong.

There were 85 other defendants, four of them sentenced to life in prison, but the sentence for My Lan was greater — she was one of the first Vietnamese women to be sentenced to this sentence for reasons of this type.

She was born in Ho Chi Minh City and was a vendor at a market stall, selling cosmetics with her mother. It began buying land and properties after the economic reform introduced by the Communist Party in 1986. By the 1990s, it was already owner of a vast chain of hotels and restaurants.

The State Bank of Vietnam reportedly spent several billion dollars on recapitalization of Saigon Commercial Bank to avoid a widespread banking panic.

Now, the Court guaranteed that, if the tycoon managed to return 75% of the money you embezzled (about 9 billion dollars) his sentence will be reduced to life imprisonment.

My Lan’s lawyers guarantee that they are doing everything possible to recover the money. However, they asked the judges for leniency for financial reasons. They stated that, As long as she is sentenced to death, it will be difficult for her to negotiate the best price for the sale of your assets and investments.

“The total value of your assets effectively exceeds the amount of compensation required”, guarantee the lawyers.

Vietnam treats the death penalty as a state secret. The government does not publish how many people are on death row, although human rights groups say there are more than 1,000 and that Vietnam is one of the countries in the world that uses this sentence the most.

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