The second trial for Vietnamese real estate typcoon Truong My Lan - who was sentenced to death for financial fraud in April - started on Thursday, state media reported.
The 67-year-old chair of the real estate company Van Thinh Phat was convicted for orchestrating Vietnam's biggest ever financial fraud case, amounting to $12.5 billion - nearly 3% of the country's 2022 GDP and for illegally controlling a major bank allowing loans that resulted in losses of $27 billion, state media said.
Her arrest and conviction was one of the highest profile cases in an anti-corruption drive that has intensified since 2022. The so-called blazing furnace campaign has also singed the highest echelons of Vietnamese politics and led to the resignation of a former president who was implicated in it.
Lan is being tried on fresh charges of appropriating property fraudulently and money laundering. According to a police investigation, she raised $1.2 billion from nearly 36,000 investors by issuing bonds illegally through four companies, state media reports say.
Investigators found 21 companies controlled by Lan's Van Thinh Phat that illegally transferred over $4.5 billion in and out of Vietnam between 2012-2022.
