Vietnam's 'Blazing Furnace' Tightens: Life Sentence for Tycoon Truong My Lan

Vietnamese real estate tycoon Truong My Lan received a life sentence for financial fraud. Already sentenced to death in a separate trial, Lan was found guilty of fraudulently raising funds, money laundering, and illegal transfers. Her arrest affected Saigon Joint Stock Commercial Bank, leading to a state bank rescue operation.

In a continuation of Vietnam's stringent anti-corruption campaign, prominent real estate mogul Truong My Lan was sentenced to life imprisonment on Thursday for financial fraud charges. The ruling comes months after Lan received a death sentence in a separate legal proceeding.

Labeled as a significant player in Vietnam's real estate sector, Lan was convicted of various financial crimes, including property fraud, money laundering, and executing illegal cross-border transactions, as reported by state-run Tuoi Tre.

Lan's downfall has had far-reaching economic repercussions. Her high-stakes fraud led to instability at the Saigon Joint Stock Commercial Bank, with Vietnam's central bank injecting $24 billion to stabilize the institution.

(With inputs from agencies.)