Vietnamese Tycoon's $12.5 Billion Fraud Trial Underway

The trial highlights Vietnam's largest financial fraud case and intensifies the country's anti-corruption efforts.

Truong My Lan, a Vietnamese real estate tycoon, is on trial for embezzling $12.5 billion from Saigon Joint Stock Commercial Bank, marking Vietnam's largest financial fraud case.
The trial involves nearly 90 defendants, including Lan's husband and former bank executives, with potential death penalties for some.
This case is part of Vietnam's ongoing anti-corruption campaign, 'Blazing Furnace,' which has seen high-profile arrests and the resignation of top officials.
The fraud nearly equals 3% of Vietnam's 2022 GDP, raising concerns about the integrity of other banks and businesses.
The anti-corruption drive has impacted Vietnam's economic growth and made foreign investors cautious.