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Who is Truong My Lan? From market stall to Vietnam’s biggest fraud case, the rise and fall of an alleged scam mastermind
- Truong My Lan ran eateries and hotels in her early career before coming under public scrutiny in a fraud case involving almost 3% of her country’s GDP
- Fears have emerged over her trial damaging investor confidence in Vietnam’s business environment
Reading Time:4 minutes
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The dizzying rise of Truong My Lan, from selling cosmetics in her teens to allegedly masterminding a US$12 billion banking fraud, was as extraordinary as her downfall, which could see her executed if convicted of Vietnam’s biggest ever financial crime.
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Born in 1956 to a modest family, Lan was only able to finish high school before joining her mother, a Chinese businesswoman, selling cosmetics at Ben Thanh Market, the oldest market in Ho Chi Minh City.
Her mother steadily accumulated assets, supporting Lan financially. But Lan’s fortunes catapulted in 1992 when she met her future husband, Eric Chu Nap-kee, a Hong Kong investor who came to Vietnam as the communist government opened up the economy to outside investment.
The couple, who have two daughters, established restaurants and hotels as well as a property portfolio in Vietnam and Hong Kong.
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Vietnam’s largest financial fraud case begins, property tycoon faces death penalty
Vietnam’s largest financial fraud case begins, property tycoon faces death penalty
Lan was not often photographed at events and before the 67-year-old businesswoman’s court appearance, there was scant information on her private life and companies.
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