The Vietnamese billionaire has been sentenced to death by the court

Lana and her family founded Van Thinh Phat in 1992 after Vietnam changed its approach to the economy, allowing it to become more market-oriented. This opened up more opportunities for foreign investors, and initially Lana helped her mother, a Chinese entrepreneur, sell cosmetics in the oldest market in the Vietnamese metropolis of Ho Chi Minh City.

However, over time, “Van Thinh Phat” became one of the richest real estate developers in Vietnam, which also allowed him to manage luxury buildings, offices, hotels and shopping centers. Lana became one of the key players in Vietnam’s financial industry. In 2011, she also facilitated the merger of Saigon Joint Stock Commercial Bank with two other banks.

The court concluded that she used the merger for her own financial gain. Lana indirectly managed more than 90% of the bank’s assets, as well as approved loans to non-existent companies. In the end, the issued “loans” ended up at Lana’s disposal. Also, Lana actively bribed the authorities so that no charges would be brought against her.

Former Central Bank of Vietnam representative Do Ti Nang was sentenced to life in prison for accepting bribes worth $5.2 million.

In October 2022, Lana’s arrest was one of the most high-profile events in the country’s anti-corruption campaign. This campaign has also cost political positions – for example, in March, the president of Vietnam, Vo Van Tong, resigned, who has also been charged.

The trial against Lan has shocked Vietnamese society. The scale of the fraud has raised questions about the trustworthiness of Vietnamese banks and companies, dealing a major blow to Vietnam’s economic image at a time when the country is trying to attract foreign investors and reduce its dependence on China.