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Who is Truong My Lan, the real estate magnate who was sentenced to death in Vietnam?

Who is Truong My Lan, the real estate magnate who was sentenced to death in Vietnam?

Who is Truong My Lan, the real estate magnate who was sentenced to death in Vietnam?

In an unprecedented drive against corruption VietnamLord Truong My Lan Real Estate Department, He was sentenced to death by the court a few days ago, marking a milestone in the judicial history of the Asian country due to the severity of the punishment in a financial crime.

The lawn67 years old, faces one charge Financial fraud It will be approx 12.5 billion dong (equivalent to nearly 327 billion US dollars), The largest fraud record in VietnamSurprising because of the profile of the accused and the serious legal consequences of his actions.

This happened in the year when the businessman was arrested 2022 And his subsequent trial shook the nation.

In addition to this case, highlights Challenges in the fight against corruptionleft as evidence Vulnerability of the financial sector and has created an uncertain environment among foreign investors, despite the country's efforts positioning itself as a commercial alternative to China.

The lawn Born on October 13, 1956 Saigon, Vietnam from the south. His family is descended from Deoch, from the village of Kezhou in Shantou, Guangdong, “Little Kezhou”, settled in Saigon, an uncle founded the Hòa Thu?n Phát Maritime Company in Ch? L?n.

He first became the owner of a hair accessory business in the city Ho Chi Minh. Using the Communist regime's connections led to entry into the real estate industry. By the 1990s, it already owned a large portfolio of hotels and restaurants.

In 1992, he established and chaired the Board of Directors Van Dinh Pat GroupReal estate agency for luxury residential buildings, offices, hotels and shopping centers and financial services.

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From 2012 to 2022, The lawn controlled Sai Khon Joint Stock Commercial Bank (SCB)Vietnam's largest bank by assets in the city Ho Chi Minh. SCB was established in 2012 from the merger of three banks that faced bankruptcy in 2011.

He Central Bank of Vietnam It allowed the merger of these three banks with continued control Tr??ng M? The lawn Through two dozen intermediaries, 93 percent of the loans went to his company and related shell companies.

All was going well for Lan, however, his promotion was tainted when he was accused Illegal control of Saigon Joint Commercial Bank (SCB). For about a decade.

Application of network of shell companies Unnecessary benefits of loans and Bribery of government officials The central parts of the charges against him highlighted the deep roots of corruption in the Vietnamese financial sector.

Implicit in the case Eric Su Nap-kee, Lan's husbandWho has been punished Nine years in prisonThe judiciary adds, underlines, another layer of complexity to the drama Family and business relationships In corrupt practices.

The jury rejected all the parties' arguments. Truong My LanReal estate manager Van Din ButtAccused of fraud Saigon Commercial Bank (SCB) For more than a decade.

Former Central Bank Officer Tho the I am He was sentenced to life in prison last Thursday for accepting $5.2 million in bribes.

Amid a fluctuating economic panorama, the case Truong My Lan The Vietnamese administration acts as a point of reflection for international investors and citizens Importance of honesty and transparency in financial sector and beyond.

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With information from AP