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Lan originally owned a business for hair accessories in Ho Chi Minh City. Using connections to the government led her to enter the real estate business. [6] In 1992, [7] she founded and chaired the board of directors of Vạn Thịnh Phát Group [] (Chinese: 萬盛發集團), a real estate firm for luxury residential buildings, offices, hotels, and shopping centers [8] and also financial services.
Vietnamese property tycoon Truong My Lan (C) looks on at a court in Ho Chi Minh city, April 11, 2024, where she was sentenced to death in one of the country's biggest fraud cases, with damages ...
HANOI, Vietnam (AP) — The death sentence for real estate tycoon Truong My Lan was upheld Tuesday in Vietnam's largest fraud case, the scale of which had raised concerns about the country's economy. She had been convicted in April of embezzlement and bribery over the fraud amounting to $12.5 billion, nearly 3% of Vietnam’s 2022 GDP.
Real estate tycoon Truong My Lan faces the death penalty in a trial that began Tuesday over alleged fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP and Vietnam's largest ...
Vietnamese real estate tycoon Truong My Lan, centre, is escorted to a trial for her verdict on fraud, money laundering and illegal cross-border money transferring in Ho Chi Minh city, Vietnam ...
Lan and her family established the Van Thing Phat company in 1992 after Vietnam shed its state-run economy in favor of a more market-oriented approach that was open to foreigners. She started out helping her mother, a Chinese entrepreneur, sell cosmetics in Ho Chi Minh City’s oldest market, according to state media Tien Phong.
Truong My Lan, a high-profile businesswoman who chaired a sprawling company that developed luxury apartments, hotels, offices and shopping malls, was arrested in 2022. The 67-year-old was formally charged with fraud amounting to $12.5 billion –- nearly 3% of the country’s 2022 GDP.
A court in Vietnam on Tuesday upheld a death sentence for real estate tycoon Truong My Lan after rejecting her appeal against a conviction for embezzlement and bribery in a high-profile $12 ...