Vietnam real estate tycoon to face trial in March in US$12bil fraud case: Report


HANOI: The chairwoman of Vietnam real estate developer Van Thinh Phat Holdings Group will go on trial in March over accusations of embezzlement, state media reported on Wednesday (Jan 10), in the country's most high-value fraud case on record.

Truong My Lan (pic) and dozens of accomplices were accused of siphoning off 304 trillion dong (US$12.46 billion), or around 3% of Vietnam's gross domestic product, from Saigon Joint Stock Commercial Bank.

Hundreds of lawyers will represent 86 defendants in the case, Dan Tri newspaper said, citing an official of the Ho Chi Minh City People's Court.

Lan is expected to face more charges in future, the report said, with investigations ongoing into alleged money laundering and illegal bond issuance.

Reuters was unable to immediately reach the company for comment. It is not clear what plea Lan will enter at the trial in March or her response to the accusations.

The trial is expected to last more than a month, Dan Tri said, adding 104 boxes of case documents weighing six metric tons had been brought to the court. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Vietnam , tycoon , Truong My Lan , real estate , trial

   

Next In Aseanplus News

Malaysian actress Lin Min Chen on filming at a real haunted location in HK
‘Buck up or you’re out too’
Ex-emperor Akihito marks 91st birthday
The ‘Iron Man’ robot that helps paraplegics walk
Everything washed away but her hope
2004 tsunami – a tragedy that changed the world
Disaster haunts Indians two decades later
Alarm over ‘draconian’ Internet law
Over 1,000 N. Korean casualties in Russia-Ukraine war, says Seoul
Cops kill three Sikh separatists

Others Also Read