The trial of a real estate tycoon accused of embezzling billions of dollars began in Ho Chi Minh City, Vietnam Tuesday.
Prosecutors say Truong My Lan, the chairwoman of real estate development firm Van Thinh Phat, siphoned $12.5 billion from Saigon Joint Stock Commercial Bank between 2012 and 2022. Lan, who controlled a majority stake in SCB, allegedly embezzled the money by arranging fake loans to numerous shell companies.
Another 85 people are being prosecuted in connection with the case, including Lan’s husband, a wealthy Hong Kong businessman, and several former bank executives…
