Who is Truong My Lan, the Vietnamese real estate tycoon behind one of the world's biggest banking scam
Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to UDS 12.5 billion — nearly 3 per cent of the country's gross domestic product — in a separate case and sentenced to death by lethal injection.
Lan was convicted in April 2024 for embezzlement, bribery, and violating banking regulations. The scheme, which involved shell companies and fake loan applications, siphoned an estimated $12.5 billion from Saigon Commercial Bank (SCB) between 2012 and 2022.
All about Truong My Lan
Lan was born in 1956 and started out helping sell cosmetics with her mother, a Chinese businesswoman, in Ho Chi Minh City's oldest market, according to state media outlet Tien Phong.
She and her family established the Van Thinh Phat company in 1992, when Vietnam shed its state-run economy in favor of a more market-oriented one that was open to foreigners. Over the years, VTP grew to become one of Vietnam’s richest real estate firms.
Today, the company is linked to some of Ho Chi Minh’s most valuable downtown properties including the glittering 39-story Times Square Saigon, the five-star Windsor Plaza Hotel, the 37-story Capital Place office building, and the five-star Sherwood Residence hotel where Lan lived until her arrest.
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By — Metla Sudha Sekhar, IT Specialist and Developer
Strategy
Succession Planning Masterclass
By — Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
Artificial
