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REAL estate tycoon Truong My Lan was sentenced Thursday, April 11, 2024, to death by a court in Ho Chi Minh city in southern Vietnam in the country's largest financial fraud case ever, state media Thanh Nien said.The 67-year-old chair of the real estate company Van Thinh Phat was accused of fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP.
VTP was among Vietnam’s richest real estate firms, with projects including luxury residential buildings, offices, hotels and shopping centers. Analysts said the scale of the scam raised questions about whether other banks or businesses had similarly erred, dampening Vietnam’s economic outlook and making foreign investors jittery at a time when Vietnam has been trying to position itself as the ideal home for businesses trying to pivot their supply chains away from China.
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