HANOI (Reuters) – Truong My Lan, a prominent real estate tycoon in Vietnam, received a death sentence for massive financial fraud. Police revealed that he had illicitly moved $4.5 billion overseas.
Police said late on Wednesday an investigation into those transfers and money laundering has been completed, but gave no further details.
State media said on Thursday that Lan had illegally transferred $1.5 billion out of Vietnam and moved $3 billion into the country. The reports did not specify which countries were the recipients or origins of that money.
In April, authorities sentenced Lan to death for embezzling over $12 billion from Saigon Joint Stock Commercial Bank (SCB). She controlled the bank through numerous proxies, circumventing ownership restrictions.
SCB did not immediately respond to a request for comment on Thursday and Lan’s legal representatives could not be reached.
Lan faces accusations of laundering 445.7 trillion dong, which includes funds from SCB and illegal bond issuance. Thanh Nien newspaper reported these allegations on Thursday.
The allegations against the tycoon depict a picture of deceit and manipulation on a grand scale. Reports suggest he exploited legal loopholes and manipulated financial records to conceal his fraudulent activities. Despite his status as a prominent figure in Vietnam’s business circles, the tycoon now faces the grim prospect of spending his remaining days on death row.
Moreover, they serve as a stark reminder of the dangers posed by unchecked greed and corruption in the business world.
Additionally, it is a sobering reminder of the importance of transparency and accountability in maintaining the integrity of financial systems and upholding the rule of law.
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