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Vietnam seeks Singapore’s help as more firms here found linked to convicted tycoon Truong My Lan

Vietnam’s biggest fraud case involving billions enters second trial this week

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Jamille Tran

Published Wed, Sep 18, 2024 · 12:51 PM

Truong My Lan during her trial in Ho Chi Minh City, Vietnam, in April. She is to appeal against the death penalty she was given earlier this year. PHOTO: EPA-EFE
SO/ Singapore hotel (left), now known as QT Singapore, and Robinson Point (in the background, at right) were acquired by the Truong My Lan-linked Viva Land in 2022 and 2021, respectively. PHOTO: BT FILE

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[HO CHI MINH CITY] Vietnam’s largest fraud case, involving property tycoon Truong My Lan, allegations of laundering trillions of dong and the illegal transfer of billions in US dollars across borders for over a decade, enters its second trial this week, with more Singapore-based companies now implicated.

A police investigation report reviewed by The Business Times reveals the involvement of additional lesser-known Singapore-incorporated entities in the high-profile case embroiling Lan’s real estate empire, Van Thinh Phat Group (VTP), private lender Saigon Commercial Bank (SCB) and other related organisations.

The report by Vietnam’s police agency C03 dated May 29 marks the conclusion of the second phase of the police investigation and will be reviewed in court in the second trial.

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Asean Asean Business Vietnam Fraud Real estate Money laundering

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