They couldn’t even wait for the show trial to reach its scheduled conclusion. In a shock early verdict, acourt sentenced one of the world’s wealthiest women to be executed after the country’s biggest ever fraud trial.nouveau riche elite was exposed during a devastating trial in Ho Chi Minh City that convicted Truong My La Lan of stripping the country’s biggest bank huge sums of money in a scam worth $27 billion.
It was an incredibly complicated ordeal beginning with Lan’s arrest in 2022 while she was living in the penthouse of her luxury Sherwood condominium on Rue Pasteur in central HCM. At the trial a driver testified to hustling millions of dollars in cash in and out of the penthouse—just one of her homes.
Nailing Lan and her cohorts, though, wasn’t easy. Members of Vietnam’s Chinese community “are “notoriously secretive and non ostentatious in their wealth,” Robinson told The Daily Beast. “Everything is oral, no paper trails.” “For over two decades two institutions with deep roots in Cholon—the Hai machine and Ms. Lan's Vinh Thanh Phat empire took good care of each other,” David Brown, a retired American diplomat who was posted to Saigon in the mud-1960s, told The Daily Beast. “As the Hai machine was dismantled, there were plenty of functionaries who were induced to rat on Ms Lan’s patient and shady accumulation of Saigon real estate.
Another element in this saga are the links in Singapore and Hong Kong, including shady real estate purchases engineered by Lan’s husband Eric. Rich old Eric looked rather sad in court, solemnly swearing to sell all his assets in those hubs of Chinese high finance to pay back the damage in Vietnam. The niece, a member of one of Saigon’s richest families, married to a popular singer, seems prepared to let her aunt, whom she’s called “Mommy” from childhood, take full blame for the transgressions of the empire. VN Express, a website that reports what the authorities want the world to know, reported that prosecutors decided Van “has acknowledged and shown remorse for her crimes, provided honest information and fully cooperated with investigators.
Fighting for their lives, both Lan and husband Eric, looking stricken, promised the court to sell just about all their assets anywhere in Vietnam as well as China, including Hong Kong, to pay back investors. All Lan wanted for herself, she said, was an historic villa valued at $28 million on a leafy Saigon boulevard dating from 1925 at the height of the French colonial era.
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