Vietnamese real estate magnate Truong My Lan was convicted on Thursday in a high-profile fraud case that has captured national attention.
The court in Ho Chi Minh City found Lan guilty of fraudulently acquiring assets valued at billions of dollars, as part of a broader government initiative to combat corruption in the country.
Lan, the chairwoman of the Van Thinh Phat Group, had already faced another conviction in April, where she was sentenced to death by lethal injection for defrauding $12.5 billion—equivalent to almost 3% of Vietnam’s GDP.
That case saw her accused of embezzling large sums through a fraudulent scheme involving her real estate ventures. She is currently appealing the death sentence.
Thursday’s ruling, which stems from separate but related fraud allegations, carries a maximum penalty of life imprisonment.
Lan’s legal troubles have intensified as she faces both a possible life sentence and the impending decision on her death penalty appeal.
State-run media reported that Lan was convicted not only of fraudulent property acquisitions but also of laundering billions of dollars through illegal cross-border money transfers.
Prosecutors presented evidence that between 2012 and 2022, she had raised $1.2 billion from 36,000 investors by issuing bonds through four companies without proper authorization. Additionally, Lan was found to have illegally moved $4.5 billion in and out of the country.
In her closing statement, Lan expressed deep regret, stating that her actions had impacted tens of thousands of families. “Standing here today is a price too expensive for me to pay. I consider this my destiny and a career accident,” she said.
The conviction is part of Vietnam’s ongoing anti-corruption campaign, which has intensified in recent years.
Since 2022, the government has pursued high-profile cases involving business leaders, aiming to restore public confidence and curb widespread financial misconduct.
Lan’s final sentencing is expected to be announced later today, while the fate of her appeal remains uncertain.
