Vietnamese Real Estate Tycoon's Death Sentence Appeal to Begin in November
Property developer Truong My Lan, found guilty of swindling cash from the Saigon Commercial Bank (SCB), will have her appeal trial commence in November.
Vietnamese Real EstateTruong My LanSaigon Commercial BankFraudAppeal TrialReal EstateOct 24, 2024
Property developer Truong My Lan was found guilty in April of embezzling funds from the Saigon Commercial Bank (SCB), which prosecutors asserted she controlled. This verdict came amidst one of the largest corruption cases in Vietnamese history. Tens of thousands of individuals who had invested their savings in the bank lost significant amounts of money, leading to widespread outrage and demonstrations.
According to state-controlled Tuoi Tre newspaper, the High People's Court in Ho Chi Minh City has scheduled the appeal trial for Truong My Lan and her accomplices, which includes a total of 48 defendants, to start on November 4. The trial is expected to conclude on November 25. This announcement follows Lan's recent conviction for money laundering, which resulted in a life sentence.
During her initial trial, Lan was found guilty of embezzling $12.5 billion, with prosecutors stating that the total damages caused by the fraud amounted to $27 billion. This figure is equivalent to approximately six percent of Vietnam's 2023 GDP. The court ordered Lan to pay nearly the entire damages sum as compensation. Additionally, 85 other individuals were sentenced on various charges, including bribery, abuse of power, and violations of banking law.
Lan's fraudulent activities spanned a decade, from 2012 to 2022. She used nearly 1,300 fake loan applications to withdraw money from SCB, where she held a 90 percent stake. Her driver was reported to have transported over $4.4 billion in cash from SCB's headquarters in Ho Chi Minh City to her nearby home and the Van Thinh Phat head office, a major real estate developer that she chaired.
The case has also brought to light the broader issue of corruption in Vietnam. It has led to a national crackdown that has ensnared numerous officials and members of the country's business elite. The government's stringent measures to address such crimes reflect a growing commitment to transparency and accountability in the business and political sectors.
Information on Van Thinh Phat
Van Thinh Phat is a major real estate developer in Vietnam, known for its significant presence in the country's property market. The company has been involved in numerous high-profile projects, and Truong My Lan's leadership played a crucial role in its growth and success. However, the recent scandal has dented the company's reputation and raised questions about corporate governance and ethical practices in the industry.
FAQs
1. What is the main charge against Truong My Lan?
- Truong My Lan is charged with swindling cash from the Saigon Commercial Bank (SCB), which she is said to have controlled, resulting in a $27 billion fraud.
2. When is the appeal trial scheduled to begin?
- The appeal trial for Truong My Lan and her accomplices is scheduled to begin on November 4.
3. How many defendants are involved in the appeal trial?
- A total of 48 defendants, including Truong My Lan, are involved in the appeal trial.
4. What other charges has Truong My Lan been convicted of?
- In addition to the fraud charges, Truong My Lan was recently convicted of money laundering, for which she received a life sentence.
5. What is the total amount of damages caused by the fraud?
- The total damages caused by the fraud are estimated to be $27 billion, which is approximately six percent of Vietnam's 2023 GDP.
Frequently Asked Questions
What is the main charge against Truong My Lan?
Truong My Lan is charged with swindling cash from the Saigon Commercial Bank (SCB), which she is said to have controlled, resulting in a $27 billion fraud.
When is the appeal trial scheduled to begin?
The appeal trial for Truong My Lan and her accomplices is scheduled to begin on November 4.
How many defendants are involved in the appeal trial?
A total of 48 defendants, including Truong My Lan, are involved in the appeal trial.
What other charges has Truong My Lan been convicted of?
In addition to the fraud charges, Truong My Lan was recently convicted of money laundering, for which she received a life sentence.
What is the total amount of damages caused by the fraud?
The total damages caused by the fraud are estimated to be $27 billion, which is approximately six percent of Vietnam's 2023 GDP.
Related News Articles
DLF's Brick-by-Brick Growth Story Boosts Market Confidence
India's largest listed real estate company, DLF, witnesses strong pre-sales momentum in Q1 FY25, led by luxury project Privana West in Gurugram.
India's Land Registry Revolution: How Blockchain Can Fix the System
India's land registry system has long been plagued by inefficiencies and disputes. But a new blockchain system could be the solution.
Maharashtra Cabinet Revises Policy for Technology Mega Projects
The Maharashtra Cabinet has made significant revisions to the policy for technology mega projects, aiming to attract more investments and boost the state's economy. These changes are expected to streamline the approval process and offer better incentives
Maharashtra DGP Rashmi Shukla Transferred Ahead of Assembly Elections
The Election Commission has directed the Maharashtra Chief Secretary to transfer DGP Rashmi Shukla to the next senior-most IPS officer in the cadre, following complaints from political parties.
Construction Costs for Housing Projects Spike by 39% Over Four Years: Colliers
Real estate consultancy firm Colliers India has reported a significant 39% increase in the average construction costs for housing projects over the past four years. This rise poses challenges for developers and buyers alike, affecting the overall dynamics
Maharashtra Allocations 827 Acres for Toyota's Hybrid and Electric Car Plant
The Maharashtra government has allocated 827 acres of land for Toyota Kirloskar Motor (TKM) to establish a state-of-the-art manufacturing unit dedicated to hybrid and electric vehicles. This move is expected to boost the state's automotive industry and co