Skip to content
August 30, 2025
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
MILLENNIUM NEWS 24/7

MILLENNIUM NEWS 24/7

Bridging The Community’s World Wide

  • Home
  • IP TV LIVE
  • PODCAST
  • U.S.News
  • LOCAL ELECTION
  • State News
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Massachusetts
    • Michigan
    • Maine
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Virginia
    • Washington
    • West Virginia
    • U.S. Virgin Islands
  • Politics
  • World News
  • Sports
  • Entertainment
  • Weather
  • Business
  • Health News
  • ADVERTISEMENT
  • About Us
  • Contact us
Live TV

Vietnam sentences real estate tycoon Truong My Lan to death in its largest ever fraud case

HANOI, Vietnam— Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh city in southern Vietnam in the country’s largest financial fraud case ever, state media Thanh Nien said.

The 67-year-old chair of the real estate company Van Thinh Phat was formally charged with fraud amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP.

Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 to allow 2,500 loans that resulted in losses of $27 billion to the bank, reported state media VnExpress. The court asked her to compensate the bank $26.9 million.

Despite mitigating circumstances — this was a first-time offense and Lan participated in charity activities — the court attributed its harsh sentence to the seriousness of the case, saying Lan was at the helm of an orchestrated and sophisticated criminal enterprise that had serious consequences with no possibility of the money being recovered, VnExpress said. Her actions “not only violate the property management rights of individuals and organizations but also push SCB (Saigon Joint Stock Commercial Bank) into a state of special control; eroding people’s trust in the leadership of the Party and State,” VnExpress quoted the judgement as saying.

The 2011 merger of a beleaguered SCB bank involved two other lenders. The banks have since become one of Vietnam’s largest commercial banks by assets.

Former central bank official Do Thi Nhan was also sentenced Thursday to life in prison for accepting $5.2 million in bribes.

Lan’s arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam that has intensified since 2022. The so-called Blazing Furnace campaign has touched the highest echelons of Vietnamese politics. Former President Vo Van Thuong resigned in March after being implicated in the campaign.

But it’s the scale of Lan’s trial has shocked the nation. VTP was among Vietnam’s richest real estate firms, with projects including luxury residential buildings, offices, hotels and shopping centers. Analysts said the scale of the scam raised questions about whether other banks or businesses had similarly erred, dampening Vietnam’s economic outlook and making foreign investors jittery at a time when Vietnam has been trying to position itself as the ideal home for businesses trying to pivot their supply chains away from China.

The real estate sector in Vietnam has been hit particularly hard: An estimated 1,300 property firms withdrew from the market in 2023, developers have been offering discounts and gold as gifts to attract buyers, and despite rent for shophouses falling by a third in Ho Chi Minh City, many in the city center are still empty, according to state media.

In November, Communist Party General Secretary Nguyen Phu Trong, Vietnam’s top politician, said that the anti-corruption fight would “continue for the long term.”

About Author

Habib Habib

See author's posts

Post navigation

Previous Biden will meet with Philippine and Japanese leaders as worry grows over China’s Indo-Pacific action
Next Arizona’s abortion ban is likely to cause a scramble for services in states where it’s still legal

Related Stories

Court finds Trump’s tariffs an illegal use of emergency power, but leaves them in place for now

Court finds Trump’s tariffs an illegal use of emergency power, but leaves them in place for now

Abrego Garcia’s lawyers worry he can’t get a fair trial and request gag order for top US officials

Abrego Garcia’s lawyers worry he can’t get a fair trial and request gag order for top US officials

Trump blocks $4.9B in foreign aid Congress OK’d, using maneuver last seen nearly 50 years ago

Trump blocks $4.9B in foreign aid Congress OK’d, using maneuver last seen nearly 50 years ago

Entertainment

Julia Roberts’ ‘After the Hunt’ stirs #MeToo debate at Venice Film Festival 1

Julia Roberts’ ‘After the Hunt’ stirs #MeToo debate at Venice Film Festival

Rodion Shchedrin, the celebrated Russian composer, has died at age 92 2

Rodion Shchedrin, the celebrated Russian composer, has died at age 92

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies 3

James Cameron on two decades of making ‘Avatar’ and the future he sees for movies

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion 4

Katy Perry testifies that she’s seeking ‘justice’ at trial over $15 million mansion

Lil Nas X charged with attacking police officers as he walked naked on Los Angeles street 5

Lil Nas X charged with attacking police officers as he walked naked on Los Angeles street

Pennsylvania’s Chautauqua is a summertime haven for lifelong learners 6

Pennsylvania’s Chautauqua is a summertime haven for lifelong learners

Mariah the Scientist’s ‘Hearts Sold Separately’ mixes love potions and pensive emotions 7

Mariah the Scientist’s ‘Hearts Sold Separately’ mixes love potions and pensive emotions

Top News

Court finds Trump’s tariffs an illegal use of emergency power, but leaves them in place for now

Court finds Trump’s tariffs an illegal use of emergency power, but leaves them in place for now

Texas governor signs new voting maps pushed by Trump to gain five GOP seats in Congress in 2026

Texas governor signs new voting maps pushed by Trump to gain five GOP seats in Congress in 2026

Father of 8-year-old boy killed in Minneapolis church shooting wants him remembered for his love

Father of 8-year-old boy killed in Minneapolis church shooting wants him remembered for his love

Minneapolis, a series of shootings and the grim realities of a tough summer

Minneapolis, a series of shootings and the grim realities of a tough summer

  • Home
  • About Us
  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • tiktok
Editor: Nur M Tofader, Office: 250 Park Avenue, 7th Floor, New York, NY 10177 & Tell: 718 893 0002 (Office), 7188441300, +1212 401 6266, e-mail: Info@millenniuamtv24.com, e-mail: Info@millenniuamnews24.com, Copyright © Millennium News 24/7 | DarkNews by AF themes.