6-6-2024 (HANOI) Vietnamese authorities have uncovered that real estate tycoon Truong My Lan, who was recently sentenced to death in the country’s largest-ever financial fraud case, had illegally transferred a staggering $4.5 billion (S$6 billion) across international borders. This bombshell announcement, reported by state media on Thursday, has sent shockwaves through Vietnam’s business and legal circles.
According to police statements issued late on Wednesday, an investigation into Lan’s illicit money transfers and money laundering activities has been completed, although specific details remain scarce. State media reports, however, have shed light on the astonishing scale of the financial malpractice, alleging that Lan had illegally transferred $1.5 billion out of Vietnam while simultaneously moving $3 billion into the country through opaque channels.
The reports did not specify the recipient countries or the origins of the funds, leaving a shroud of mystery surrounding the intricate web of financial transactions orchestrated by the disgraced tycoon. Authorities remain tight-lipped about the specifics, likely in anticipation of further legal proceedings and potential international cooperation in unraveling the complex trail of illicit money flows.
In April, Lan was handed a death sentence for her pivotal role in siphoning off a staggering $12 billion from Saigon Joint Stock Commercial Bank (SCB), a financial institution she effectively controlled through a network of proxies, circumventing strict rules limiting large shareholdings in lenders. SCB has not yet responded to requests for comment on the latest revelations.
Furthermore, Thanh Nien newspaper reported on Thursday that Lan stands accused of laundering a jaw-dropping 445.7 trillion dong (S$23.6 billion), encompassing not only the funds she and her accomplices embezzled from SCB but also proceeds from her illegal bond issuance activities.
