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Vietnamese real estate tycoon convicted of billions in fraud
Vietnamese real estate tycoon Truong My Lan (centre) sits in court to wait for her verdict on fraud, money laundering and illegal cross-border money transferring in Ho Chi Minh city, Vietnam, October 17, 2024

A VIETNAMESE real estate tycoon was convicted today of fraudulently obtaining property worth billions of dollars in a case that has been a centrepiece of the government’s crackdown on corruption.

Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to $12.5 billion (£10 billion) — nearly 3 per cent of the country’s gross domestic product — in a separate case and sentenced to death by lethal injection.

The trials were broken into two parts due to the number of allegations against her, and Thursday’s verdict, which carries a maximum penalty of life in prison, adds to Ms Lan’s legal troubles as she awaits the appeal against her death sentence to be heard.

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