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A Vietnamese property tycoon accused of embezzling $12.5 billion begins her trial

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Published 9:08 pm

By ANIRUDDHA GHOSAL
Associated Press

HANOI, Vietnam (AP) — Real estate tycoon Truong My Lan faces the death penalty for allegedly embezzling $12.5 billion. Her arrest is part of Vietnam’s anti-corruption campaign that started 2016 but gained momentum in 2022 with several high-profile arrests of corporate executives and state officials. Experts say it has had a chilling impact on southeast Asia’s fastest growing economy. The trial for the chair of real estate company Van Thinh Phat begins Tuesday in Ho Chi Minh City. It’s Vietnam’s largest financial fraud case on record, amounting to nearly 3% of the country’s 2022 GDP.

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