Defendants attend a trial for their involvement in a $12.5 billion fraud case in Ho Chi Minh City, Vietnam on Thursday, April 11, 2024. Real estate tycoon Truong My Lan, who was sentenced to death Thursday by a court in Ho Chi Minh city for orchestrating the country’s largest ever financial fraud case, was one of Vietnam's most important businesspeople for year. - AP
HANOI, Vietnam (AP): The unusually harsh death sentence given to a real estate tycoon in Vietnam was a pivotal moment in the decadelong "Blazing Furnace” anti-corruption campaign as the Vietnamese business community wrestled with an uncertain future this weekend.
Real estate tycoon Truong My Lan, who was sentenced to death Thursday by a court in Ho Chi Minh city for orchestrating the country’s largest ever financial fraud case, was one of Vietnam's most important businesspeople for years. She has been convicted for fraud amounting to $12.5 billion - nearly 3% of the country’s 2022 GDP - and for illegally controlling a major bank and allowing loans that resulted in losses of $27 billion, state media outlets reported.
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