Vietnam Tycoon Awaits Verdict in $12.5B Fraud Trial
Truong My Lan, a prominent Vietnamese property tycoon, along with 85 other individuals, faces a potential death penalty for their roles in a major financial scandal involving the embezzlement of $12.5 billion from Saigon Commercial Bank (SCB). The cumulative damages are now estimated to be $27 billion. Those accused in the case include former central bankers, ex-government officials, and former executives of SCB. The extensive five-week trial has concluded in Ho Chi Minh City, with all defendants awaiting verdicts and sentencing.
Lan, who holds a 90 percent stake in SCB, is alleged to have orchestrated fake loan applications to siphon money from the bank. She has denied the charges, attributing the fraud to actions taken by subordinates. The scandal, considered one of the largest in the country's history, has led to widespread public outrage, resulting in protests in Vietnam's major cities, Hanoi and Ho Chi Minh City, since Lan's arrest in October 2022.
As part of a national corruption crackdown, police have seized over 1,000 properties linked to Lan and have identified approximately 42,000 victims impacted by the fraud. This case has sent shockwaves through Vietnam's financial and political landscape, highlighting the government's efforts to address corruption within its ranks and the business elite.
