HomeBusinessFraud case: Billionaire property tycoon sentenced to death in Vietnam

Fraud case: Billionaire property tycoon sentenced to death in Vietnam

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Hanoi: Property tycoon billionaire woman sentenced to death in fraud case in Vietnam.

According to foreign media, 67-year-old Vietnamese property tycoon Truong May Linh was sentenced to death on bank fraud charges, having been convicted of illegally obtaining $44 billion in loans from Saigon Commercial Bank.

Trung May Lin, chairman of Lin real estate developer Van Thien Phat Holdings Group, was found guilty of embezzlement, bribery and violating banking laws, state media said.
Eighty-five other people were tried along with Truong May Lin, all accused were found guilty, four were sentenced to life imprisonment while the rest were sentenced to prison terms ranging from 20 years to in three years. Truong My Lin’s husband and nephew were sentenced to 9 and 17 years in prison, respectively.

Truong My Linh comes from a Sino-Vietnamese family in Ho Chi Minh City, long the commercial engine of Vietnam’s economy, as a market stall vendor selling cosmetics with her mother and later She started to buy land and properties.

By 2011, Truong My Lin was a well-known businessman in Ho Chi Minh City and was allowed to manage the merger of three small banks.

Prosecutors said Vietnamese law prohibits any individual from owning more than five percent of any bank, but Truong May Linh owned more than 90 percent of Saigon Commercial Bank through companies and individuals acting as his proxies.He owns the shares.

According to prosecutors, he used this power to appoint his people as managers and then ordered them to approve hundreds of loans to his companies.

According to prosecutors, Throng May Lane’s loans accounted for 93 percent of the bank’s total loans. He was also accused of paying large bribes to ensure that his debts would never be audited.

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