Truong My Lan, the chairwoman of Vietnamese developer Van Thinh Phat, has been sentenced to death for orchestrating a multi-billion-dollar fraud, as reported by state-controlled media on Thursday.
Judges at Ho Chi Minh City’s People’s Court found her guilty of bribery, embezzlement, and breaching banking regulations.
Lan held a 91.5% stake in Saigon Commercial Bank and, over a decade, directed bank officials to approve over 2,500 loans to shell companies under her control, resulting in a loss of approximately US$27 billion for the bank.
She instructed her subordinates to bribe auditors at the State Bank of Vietnam to conceal her actions.
According to state media, chief banking inspector Do Thi Nhan received $5.2 million in bribes, while deputy chief inspector Nguyen Van Hung received $300,000.
A family member informed Reuters that Lan intends to appeal the verdict.
Edited by Elaine Chan.
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