The second trial for a prominent Vietnamese real estate tycoon, who was previously sentenced to death for financial fraud, commenced on Thursday in Hanoi, Vietnam. The 67-year-old chair of the real estate company Van Thinh Phat was convicted for orchestrating Vietnam's largest financial fraud case, amounting to $12.5 billion, which is nearly 3% of the country’s 2022 GDP. Additionally, she was found guilty of illegally controlling a major bank, resulting in losses of $27 billion.
Her arrest and subsequent conviction were part of an anti-corruption drive that has been gaining momentum since 2022. The campaign, known as the blazing furnace, has also implicated high-ranking officials in Vietnamese politics, leading to the resignation of a former president.
