HANOI (AFP) – Vietnamese prosecutors called Tuesday for a leading property developer to face the death sentence as the “mastermind” of a USD12.5-billion swindle – the country’s biggest ever fraud case.
Van Thinh Phat Chair of developer Truong My Lan is on trial accused of illegally appropriating the money from Saigon Commercial Bank (SCB) over the course of a decade, leaving more than 40,000 investors out of pocket.
The state-run Tuoi Tre newspaper reported other defendants in the case have admitted their crimes, but Lan has remained “stubborn” and blamed staff working under her.
“According to the prosecutor’s office, Lan played the role of mastermind and leader but did not admit her crime, was stubborn, blamed subordinates, and did not repent,” the newspaper reported. Prosecutors have asked the jury to hand her a death sentence for embezzlement, as well as jail terms of up to 20 years for bribery and violating loan regulations. Alongside Lan, 85 others are facing charges including bribery and abuse of power at the trial in the southern business hub of Ho Chi Minh City.
Eight are on the run, including two Chinese nationals.
Lan, who is married to a wealthy Hong Kong businessman, is accused of creating nearly 1,300 fake loan applications between 2012 and 2022 to withdraw money from SCB, in which she owned a 90 per cent stake.
