Know the reason behind the death sentence of Truong My Lan, who committed one of the biggest frauds in Southeast Asian history and have a look at her husband and net worth
In October 2022, Truong My Lan faced arrest for embezzling over $12.5 billion from Sai Gon Joint Stock Commercial Bank by submitting fake loan applications. Lan controlled the bank with the help of more than two dozen middlemen. The trial for Lan’s embezzlement, bribery, and violations of banking regulations started in March 2024, representing Southeast Asia’s largest corruption scandal to date. On April 11, Lan was sentenced to death by the use of lethal injection.
Who is Truong My Lan as she gets the death sentence in Vietnam for bank fraud, net worth, bio, age and husband
N57.4 TRILLION BANK FRAUD BY TRUONG MY LAN, A VIETNAMESE BILLIONAIRE: The lady sandwitched inbetween two lady police officers in the picture below, is a popular property developer known throughout Bangkok, who Over a period of eleven(11 yrs) perpetrated the biggest ever… pic.twitter.com/VS4uNnz0iO
— Mahdi Shehu (@shehu_mahdi) April 11, 2024
Who is Truong My Lan?
Born in a Sino-Vietnamese family in Ho Chi Minh city, 67-year-old Truong My Lan managed to amass wealth thanks to her real estate ventures. Beginning with cosmetics sales alongside her mother, she changed her focus to real estate investment during Vietnam’s economic reforms in 1986. After this action, she rapidly gained prominence as a property developer by the 1990s.
In 2011, Lan merged three failing banks to establish Sai Gon Commercial Bank. However, allegations surfaced stating that Truong My Lan held over 90% ownership of the bank, exceeding the Vietnamese banks’ legal limit of 5%, utilizing shell companies and proxies. Prosecutors claim Lan directed employees to approve large loans for her fictitious companies, resulting in 93% of the bank’s loans being tied to her.
Lan is married to Eric Chu Nap Kee, a businessman in Hong Kong’s real estate sector. In March 2024, her husband and her niece, Truong Hue Van, aged 34 and CEO of a property management firm, were also summoned to trial. Lan’s family is one of the wealthiest in Vietnam. In March 2024, her niece, who had lived with her since childhood, confessed to establishing 52 shell companies and four regular companies to secure 155 loans at SCB.
What punishment awaits Truong My Lan?
Allegedly, starting in February 2019, Lan instructed her driver to withdraw over $4 billion in cash, equivalent to more than 108 trillion Vietnamese dong, from the bank over three years, storing it in her basement. According to some reports, Lan bribed $5 million to a former central bank inspector for evading the investigation regarding her loans.
While serving in her position, Truong My Lan allegedly embezzled $44 billion, which is about 9.36% of Vietnam’s GDP in 2024. Although Lan denies the allegations, she’s required to repay $27 billion. Reports state that the threat of the death penalty will compel Lan to return some of the embezzled funds. Her exact net worth isn’t known.