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Vietnam tycoon sentenced to death over US$12 billion fraud faces money laundering charge

Police say Lan, along with 33 others, should be prosecuted for alleged asset embezzlement, money laundering and illegal cross-border transportation of currency tied to real estate company Van Thinh Phat Holdings Group and Saigon Commercial Bank, or SCB, the newspaper reported, citing information from the Ministry of Public Security.

A statement on the public security ministry’s website detailed the charges but did not provide Lan’s name.

Police charge that Lan and her accomplices illegally transported about US$4.5 billion across the border for 10 years beginning in October 2012, news website VnExpress reported. Additionally, they are accused by investigators of money laundering 445.75 trillion dong (US$17.5 billion) in embezzlement assets from SCB and bond issuances, the report said.


Vietnamese property tycoon sentenced to death for US$12.5 billion fraud

Lan served as chairwoman of Van Thinh Phat Holdings and prosecutors said she illegally controlled more than 90 per cent of SCB by paying 27 individuals and entities to acquire stakes in the institution. The October 2022 arrest of Lan, 67, led to a bank run on SCB. The central bank eventually took over the institution.

Lan is appealing the death sentence given to her in April after being found guilty of charges including bribing government officials, violating bank lending rules and embezzling funds. Fifty other defendants involved in the case have also filed appeals seeking sentence reductions.