Posted 3/5/2024, 5:08:00 AM
Vietnam Tycoon Faces $12.5B Fraud Trial in Anti-Corruption Crackdown
- Vietnamese real estate tycoon Truong My Lan faces trial over alleged $12.5 billion fraud, nearly 3% of Vietnam's 2022 GDP
- Lan allegedly used thousands of ghost companies, bribed officials, and violated banking laws through her company VTP
- 85 others also being prosecuted, including a former central bank official who allegedly took $5.2 million in bribes
- Lan's arrest part of Vietnam's ongoing anti-corruption drive that has reached highest levels of government
- Campaign has slowed Vietnam's economy and made investors cautious, especially in real estate where over 1,300 firms withdrew in 2023