Vietnamese Real Estate Tycoon Truong My Lan Faces Second Trial Amid Financial Fraud Allegations

The second trial for Vietnamese real estate tycoon Truong My Lan, who was sentenced to death for financial fraud, commenced. Lan, the chair of Van Thinh Phat, is facing new charges of property appropriation and money laundering. The case has implications for Vietnam's economy and investor confidence.

Vietnamese real estate tycoon Truong My Lan, previously sentenced to death for orchestrating the country's largest financial fraud, began her second trial on Thursday, state media reported.

67-year-old Lan, chair of real estate giant Van Thinh Phat, was convicted for a USD 12.5 billion fraud scheme that nearly accounted for 3% of Vietnam's 2022 GDP. The case, part of a broader anti-corruption campaign, also involved significant illegal loans leading to losses of USD 27 billion.

Lan's new charges include fraudulently appropriating property and money laundering. Police investigations revealed she raised USD 1.2 billion from 36,000 investors through illicit bond issuance and illegally transferred over USD 4.5 billion between 2012 and 2022. The trial, involving 33 other defendants, is set to last a month.

(With inputs from agencies.)