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Truong My Lan Vietnamese Billionaire Business Woman sentenced to death

Truong My Lan Vietnamese Billionaire Business Woman sentence to death

Truong My Lan, a prominent Vietnamese billionaire known for her real estate empire, has recently been embroiled in a massive financial scandal that has shocked the nation. Born in 1956, Truong My Lan rose to prominence in the business world by establishing her own real estate company, Van Thinh Phat, in 1992. Leveraging her connections with the government, she quickly built her company into one of the largest in the country, earning her a reputation as a savvy businesswoman and entrepreneur.

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In 1992, Truong My Lan married Eric Chu Nap-Knee, an investor from Hong Kong, and together they have two daughters. Despite their successful marriage, the recent scandal has led to court trials not only for Truong My Lan but also for her husband and niece. While Truong My Lan faces a death sentence for her involvement in the fraud, her husband is set to be imprisoned for nine years, and her niece for seventeen years.

Truong My Lan's daughter, Elizabeth Chu, born in 1994, has carved her own path in the hospitality industry, running restaurants in Hong Kong. She also holds around 10% ownership in her mother's company, Van Thinh Phat.

Truong My Lan Vietnamese Billionaire Business Woman sentence to death

As for Truong My Lan's net worth, it remains uncertain amidst rumors of her involvement in looting billions of dollars from banks. While some speculate her net worth to be in the billions, others doubt she possesses significant wealth presently.

The controversy surrounding Truong My Lan intensified when she was sentenced to death for her role in defrauding one of Vietnam's largest banks. Her company's involvement in the merger of Saigon Joint Stock Commercial Bank, which resulted in a fake loan of $12.5 billion, shook the nation. This amount constituted a staggering 3% of Vietnam's GDP in 2022, leading to substantial losses for the bank.

Truong My Lan Vietnamese Billionaire Business Woman sentence to death

Truong My Lan's manipulation of bank ownership rules, which capped individual ownership at 5%, revealed her ownership of over 90% through proxies and shell companies—a revelation that shocked the public. She then appointed her own people to key positions within the bank, allowing her to approve loans worth billions of dollars.

While speculation abounds regarding the motive behind Truong My Lan's death sentence, with some suggesting it aims to recover lost funds, no official confirmation has been provided. Nevertheless, her downfall serves as a stark reminder of the dangers of unchecked power and corruption in the business world. Stay tuned to Charcha Times for further updates on this developing story.

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