Thu Sep 19 07:20:00 UTC 2024: ## Vietnamese Billionaire Truong My Lan Faces New Charges in Second Trial
**Ho Chi Minh City, Vietnam** – Truong My Lan, the Vietnamese property tycoon sentenced to death in April for orchestrating the country’s largest financial fraud, is now facing additional charges of money laundering in a second trial.
Lan, chairwoman of Van Thinh Phat, was convicted in April of embezzling $12.5 billion, nearly 3% of Vietnam’s 2022 GDP. This new trial focuses on charges of obtaining property by fraud, money laundering, and illegal cross-border money transfers.
Prosecutors allege Lan raised $1.2 billion from over 36,000 investors through illegal bond issuance by four companies. Investigations revealed that 21 companies under Van Thinh Phat illegally transferred over $4.5 billion in and out of Vietnam between 2012 and 2022. Lan is further accused of laundering $18 billion obtained through fraudulent activities.
The trial, which is expected to last a month, includes 33 other defendants. On Thursday, Lan and the other defendants arrived at the court in Ho Chi Minh City under heavy police escort. Dozens of fraud victims gathered outside, demanding access to the hearing.
This case is part of Vietnam’s ongoing “Blazing Furnace” anti-corruption campaign, which has seen several high-profile business leaders and state officials imprisoned. The outcome of this second trial will have significant implications for Vietnam’s economic landscape and its ongoing efforts to combat financial crime.
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