Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say
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Chairwoman of Van Thinh Phat Holdings Truong My Lan during her trial at the Ho Chi Minh City People's Court, on April 11.
PHOTO: EPA-EFE
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HANOI - Vietnam real estate tycoon Truong My Lan, sentenced to death in the country's largest-ever financial fraud case,
Police said late on June 5 that an investigation into those transfers and money laundering has been completed, but gave no further details.
State media said on June 6 that Lan had illegally transferred US$1.5 billion out of Vietnam and moved US$3 billion into the country. The reports did not specify which countries were the recipients or origins of that money.
A court in April sentenced Lan to death for her role in siphoning off more than US$12 billion from Saigon Joint Stock Commercial Bank (SCB), which she effectively controlled through dozens of proxies, despite rules strictly limiting large shareholding in lenders.
SCB did not immediately respond to a request for comment on June 6 and Lan's legal representatives could not be reached.
Lan is also accused of laundering 445.7 trillion dong (S$23 billion), including the money she and her accomplices siphoned off from SCB and from her illegal bond issuance, Thanh Nien newspaper reported on June 6. REUTERS
