Vietnamese business magnate gets death penalty for $12 billion fraud  

According to state media, real estate billionaire Truong My Lan was sentenced to death by a Vietnamese court on Thursday for her involvement in the largest financial fraud case in the country,   

Embezzlement, bribery, and violations of banking rules were found guilty by the chairwoman of real estate developer Van Thinh Phat Holdings Group at the completion of a trial in Ho Chi Minh City,  

Vietnam's business hub, according to state media sources.  

Nguyen Phu Trong, head of Vietnam's ruling Communist Party, has promised for years to eradicate corruption, but so far, his promises have yielded little concrete achievements.   

The trial, which started on March 5 and concluded faster than expected, was an effort in this direction.  

The "blazing furnace" crackdown has resulted in the prosecution or forced resignation of hundreds of high-profile business leaders and top governmental officials.  

A series of high-profile corporate arrests in 2022 caused a $40 billion loss for Vietnamese stocks,   

causing investors to lose faith in the country's rapidly expanding economy just when it needed it most.  

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