Trương Mỹ Lan is a Vietnamese businesswoman and convicted criminal. She founded the Vạn Thịnh Phát Group, a real estate development company. However, in October 2022, she faced arrest for allegedly using fake loan applications to siphon off over US$12.5 billion from the Sai Gon Joint Stock Commercial Bank, a bank she controlled through multiple intermediaries. This led to a panic among depositors and triggered a bank run.
The trial for charges including embezzlement, bribery, and violating banking regulations commenced in March 2024. This scandal has been dubbed as the largest corruption case in Southeast Asia’s history. Eventually, on 11 April 2024, Lan was handed down a death sentence.
Truong My Lan Age, Wiki, Biography
Trương Mỹ Lan was born on 13 October 1956 in Saigon, South Vietnam. Trương Mỹ Lan’s age is 68 years as of 2024. Her family hails from the Teochew community, originating from the village of Gezhou in Shantou, Guangdong province, China. They eventually settled in “Little Gezhou” in Saigon (Ho Chi Minh City). One of her uncles established the maritime enterprise Hòa Thuận Phát in Chợ Lớn.
Truong My Lan Husband, Children
Trương Mỹ Lan is a married woman. Trương Mỹ Lan’s husband is Eric Chu Nap Kee. He is a businessman in the real estate sector in Hong Kong. In March 2024, her husband was called to the trial, along with her niece Trương Huệ Vân, aged 34, who serves as the CEO of a property management firm. Trương Mỹ Lan and Eric Chu Nap Kee has a child, Elizabeth Chu.
Truong My Lan Early Life
Originally, Lan ran a business selling hair accessories in Ho Chi Minh City. Through her government connections, she transitioned into the real estate industry. In 1992, she founded and chaired the board of directors of Vạn Thịnh Phát Group, specializing in luxury residential buildings, offices, hotels, shopping centers, and financial services.
Between 2012 and 2022, Lan wielded control over the Sai Gon Joint Stock Commercial Bank (SCB), which held the title of Vietnam’s largest bank by assets in Ho Chi Minh City. SCB emerged in 2012 from the consolidation of three banks on the brink of bankruptcy in 2011. Despite this, Lan retained control through over two dozen intermediaries, with a staggering 93 percent of loans channeled to her company and its affiliated shell entities.
2024 Trial
On March 5, 2024, the trial kicked off at the Ho Chi Minh City People’s Court, marking a milestone in what’s been dubbed the largest corruption scandal in Southeast Asia. To put it in perspective, the infamous Malaysian 1MDB scandal of the 2010s pales in comparison, involving a mere €4.1 billion.
Joining Lan’s husband and niece in the dock were a staggering 82 additional defendants, including 45 former SCB leaders, 15 ex-State Bank of Vietnam officials, three Government Inspectorate officers, and one former State Audit Office officer. Notably, five former SCB heads are now on the lam.
Fast forward to April 11, 2024, and Lan received a death sentence, delivered via lethal injection, for her role in the embezzlement scheme. Others weren’t spared either, with sentences ranging from three years (suspended) to life imprisonment. Lan’s husband and niece faced nine and seventeen years, respectively.
Truong My Lan Net Worth
Trương Mỹ Lan’s net worth is around $30 billion. She earns her income from her business.
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