Real Estate Tycoon Faces Death Penalty in $12 Billion Fraud Case

Vietnamese prosecutors have sought the death penalty for real estate tycoon Truong My Lan, who is implicated in a $12 billion fraud case for her involvement in bribing government officials, violating bank lending rules, and embezzling funds. The case revolves around her chairperson position at Van Thinh Phat Group and the fraud committed at the Saigon Commercial Bank between February 2018 and October 2022, leading to a run on the financial institution. The trial, initiated on March 5 at the Ho Chi Minh City People’s Court, is expected to extend for at least two months.