In a landmark decision, Trung Mai Lan, the 67-year-old chairman of Van Thien Real Estate Company, was sentenced to death today. This verdict came after he was found guilty in the largest financial fraud case in Vietnamese history. The court convicted Lan of illegally controlling the shares of SCB Bank and approving 2,500 loans that resulted in losses of 27 billion dollars for the bank between 2012 and 2022.
Lan’s conviction amounted to about 3% of the country’s GDP. The court ordered Lan to pay $26.9 billion in compensation to SCB Bank. This is his first offense, but the court justified this unusual punishment due to the severity of the case. The judge claimed that Lan headed a criminal organization and there was no way to recover the lost money.
Lan’s niece, Trung Yu Van, CEO of Van Thien Real Estate Company, received a 17-year prison sentence on charges of aiding and abetting a crime. A former senior official at SCB Bank, Du Ti Nan, was sentenced to life imprisonment for accepting a bribe of $5.2 million from Lan.
Van Thien Phat Company was founded by Lan and her family in 1992 and became one of Vietnam’s richest real estate businesses over time. The company owned offices, hotels, shopping centers and played a significant role in Vietnam’s economy. Lan also played an active role in merging SCB Bank with another bank in 2011 through her connections within the banking sector.
According to government documents, Lan used her influence with SCB Bank officials to extract funds into her own accounts or those belonging to straw companies she controlled. She also bribed officials at various levels to cover her tracks and maintain control over her business empire.
This high-profile case has raised questions about corruption within Vietnam’s financial sector and highlighted the need for greater transparency and oversight in future business dealings.
Overall, this decision sends a strong message that corruption will not be tolerated in any form or shape within Vietnam’s legal system or business community.
