Vietnam's tycoon sentenced to death over record fraud

The Star

Vietnamese billionaire property tycoon Truong My Lan was sentenced to death on April 11 in the country's biggest-ever case of financial fraud.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00 Vietnamese billionaire property tycoon Truong Mai Lan was sentenced to death on Thursday.

00:08 At the end of the hearing of the country's biggest-ever case of financial fraud, the

00:12 Ho Chi Minh City People's Court handed down the sentence to the 68-year-old.

00:17 Lan was found guilty of her role in siphoning US$12.5 billion off from Saigon Joint Stock

00:23 Commercial Bank, which is the largest bank in Vietnam.

00:27 Her trial, which began on March 5, was seen as a result of a campaign by the country's

00:32 ruling Communist Party to stamp out corruption.

00:35 Lan's husband and niece were also convicted for their roles in the fraud and sentenced

00:41 to a jail term of nine years and 17 years, respectively.

00:45 A senior executive of the State Bank of Vietnam was also given life imprisonment for accepting

00:51 bribes to conceal the Saigon Bank's poor financial standing.

00:55 Several other executives of the Saigon Bank also face jail time.

01:00 The court also ordered Lan to pay compensation of more than US$27 billion to the Saigon Bank.

01:07 She started as a cosmetics trader at the Central Market in Ho Chi Minh City.

01:11 She founded her real estate company in 1992 before venturing into the banking sector.

01:17 She controlled three banks that went into a merger to form the Saigon Bank in 2012.

01:22 The court also ordered Lan to pay compensation of more than US$27 billion to the Saigon Bank

01:23 in 2012.

01:23 [END]

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