Court at Vietnam sentenced her to death today Truong Mai Lan (Truong My Lan), head of a real estate giant, for her role in a 304 trillion dong financial fraud case (12.46 billion US dollars), the largest in the history of the country.

Lan, head of the Van Thinh Phat property development group, was found guilty of embezzlement, corruption and violations of banking rulesas reported by state media.

Lan’s attorneys were not immediately available for comment.

Lan and her accomplices were accused of embezzling more than 304 trillion. dong from Stock Commercial Bank (SCB), which he effectively controlled through dozens of proxies, according to investigators.

The list of defendants included former central bank officials, former members of the government as well as executives of the bank involved.

The prosecutor asked for the death penalty only for Truong, who was considered the o brain of the business.

From early 2018 until October 2022, when the state bailed out SCB following an outflow of deposits, Lanihe embezzled large sums by arranging illegal loans to shell companiesinvestigators said.

Lam will appeal the decision, a family member told Reuters before the verdict was announced.

“Flaming Furnace” Operation

The trial, which began on March 5 and ended earlier than expected, came as part of an anti-corruption campaign that ruling Communist Party leader Nguyen Phu Trong has vowed for years to root out, albeit with little tangible results.

The crackdown, dubbed the “burning furnace,” has led to the prosecution or resignation of hundreds of high-ranking government officials and business leaders.

At some point in 2022, Vietnam’s stock market recorded losses of $40 billion after a series of arrests of executives of major companies, undermining investor confidence at a sensitive time for the fast-growing economy.