Truong My Lan was at the center of a massive fraud case in Vietnam, accused of embezzling up to $12.5 billion. She was sentenced to death as part of an anti-corruption crackdown.
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Lan, the chairwoman of Van Thinh Phat Holdings Group, was sentenced for her part in a financial fraud scheme involving Saigon Commercial Bank and numerous shell companies. The scandal impacted thousands of investors, leading to protests in major cities.
Foreign investors have shown interest in acquiring Lan’s company’s assets, which include high-profile buildings like Times Square Saigon and Sherwood Residence. The total value of the assets is estimated to be between $12 billion and $48 billion.
Investigators are working to untangle the complex web of property holdings owned by Lan’s companies, some of which may have been used as collateral for loans. Despite some buildings remaining incomplete, foreign investors have expressed interest in acquiring the assets.
For more information, email Taylor Anderson at taylor@inman.com.
Truong My Lan, a real estate tycoon in Vietnam, was sentenced to death for her involvement in a financial fraud case where she was accused of embezzling $12.5 billion from Saigon Commercial Bank. Lan’s company, Van Thinh Phat Holdings Group, owned several high-profile buildings in Vietnam, with foreign investors expressing interest in taking over the assets following the trial. The total assets of Lan’s companies were estimated to be between $12 billion and $48 billion. Investigators have been working to untangle the complex property holdings owned by Lan’s companies, which include high-end hotels and other buildings. Thousands of investors lost money in the scandal, leading to protests in Ho Chi Minh City and Hanoi. The court overseeing Lan’s case may consider transferring the assets to new owners in the aftermath of the trial.
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