April 12: In a landmark trial that captivated the nation, 67-year-old Vietnamese property developer Truong My Lan has been sentenced to death for orchestrating one of the most audacious bank frauds in history. The verdict was delivered at the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City, where Truong My Lan faced charges related to looting one of Vietnam’s largest banks over an astonishing 11-year period.
The Enormity of the Truong My Lan Fraud
Truong My Lan was convicted of securing an eye-watering $44 billion in loans from the Saigon Commercial Bank. The court has ordered her to return a staggering $27 billion, a sum that prosecutors fear may never be fully recovered. Her case stands out not only due to the astronomical amounts involved but also because she is one of the very few women in Vietnam to receive a death sentence for a white-collar crime.
A Show Trial of Unprecedented Scale
The trial of Truong My Lan of was nothing short of extraordinary. A total of 2,700 people were summoned to testify, while 10 state prosecutors and approximately 200 lawyers were involved. The evidence, meticulously compiled, filled 104 boxes weighing a combined total of six tonnes. Truong My Lan’s husband and niece were also implicated, receiving jail terms of nine and 17 years, respectively.
The Communist Party’s Anti-Corruption Campaign
This high-profile trial unfolded against the backdrop of the “Blazing Furnaces” anti-corruption campaign led by Communist Party Secretary-General Nguyen Phu Trong. Fueled by a belief that rampant corruption threatened the party’s grip on power, Trong has relentlessly pursued wrongdoers. His campaign has already forced the resignation of two presidents and two deputy prime ministers, and now it has ensnared one of Vietnam’s wealthiest women.
Truong My Lan: A Sino-Vietnamese Tycoon
Truong My Lan hails from a prominent Sino-Vietnamese family in Ho Chi Minh City (formerly Saigon). As the chairwoman of leading developer Van Thinh Phat, she wielded immense influence. However, her embezzlement and fraudulent activities caught up with her, leading to this historic verdict.
