Trương Mỹ Lan facts for kids
Quick facts for kids
Trương Mỹ Lan
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|---|---|
| Born | 13 October 1956 |
| Occupation | Businesswoman |
| Years active | 1992–2022 |
| Title | Founder and director of Vạn Thịnh Phát Group |
| Spouse(s) | Eric Chu Nap Kee |
| Children | 2 |
| Criminal information |
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| Years active | 2012–2022 |
| Conviction(s) |
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| Criminal penalty | Death |
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Date apprehended
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6 October 2022 |
Trương Mỹ Lan (born 13 October 1956) is a Vietnamese businesswoman who founded the real estate development group Vạn Thịnh Phát Group, of which she is on the board of directors. A key figure in Vietnam's largest, multi-billion-dollar financial fraud, Lan was sentenced to death for embezzlement, bribery, and violations of banking regulations on 11 April 2024.
In October 2022, she was arrested for using fake loan applications to embezzle more than US$12.5 billion from Sai Gon Joint Stock Commercial Bank, which she controlled through more than two dozen middlemen. This caused a bank run.
In March 2024 the trial for embezzlement, bribery, and violating banking regulations began. It is considered the largest corruption scandal in Southeast Asia's history.
Early life and education
Trương Mỹ Lan was born on 13 October 1956, in Saigon, South Vietnam. Her family is of Teochew heritage, from the village of Gezhou (Chinese: 葛洲) in Shantou, Guangdong; settling in "Little Gezhou" (Chinese: 浸石), Saigon (Ho Chi Minh City). Her uncle founded the maritime business Hòa Thuận Phát (Chinese: 和順發) in Chợ Lớn.
Career
Lan originally owned a business for hair accessories in Ho Chi Minh City. Using connections to the government led her to enter the real estate business. In 1992, she founded and chaired the board of directors of Vạn Thịnh Phát Group (Chinese: 萬盛發集團), a real estate firm for luxury residential buildings, offices, hotels, and shopping centers and also financial services.
From 2012 until 2022, Lan controlled Sai Gon Joint Stock Commercial Bank (SCB), Vietnam's largest bank by assets in Ho Chi Minh City. SCB was established in 2012 from the merger of three banks facing bankruptcy in 2011; nevertheless, the State Bank of Vietnam allowed the merger of these three banks, with Trương Mỹ Lan's continued control through more than two dozen middlemen, and 93 percent of loans going to her company and associated shell companies.
Personal life
Lan is married to Eric Chu Nap Kee (Chinese: 朱立基), a businessman in the real estate sector in Hong Kong. In March 2024, her husband was also summoned to the trial, as well as her niece Trương Huệ Vân, age 34, the CEO of a property management firm.
Lan's family is one of the richest families in Vietnam. This money has been used to contribute to multiple projects in her ancestral hometown in China. Lan's embezzlement of $12.5 billion equals about three percent of Vietnam's total GDP for 2022.
In March 2024, her niece, who had lived with her since childhood, admitted that she established 52 shell companies and four regular companies to obtain 155 loans at SCB.
See also
In Spanish: Trương Mỹ Lan para niños
- List of fraudsters
- Corruption in Vietnam
