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Vietnamese real estate tycoon, three others arrested

A Vietnamese real estate tycoon and three others were arrested over alleged irregularities in Van Thinh Phat Holdings’ acquisition of several state-owned land slots at prime locations in downtown Ho Chi Minh City. Truong My Lan, the company’s chairwoman, was accused of illegally issuing bonds to raise trillions of dong (tens of millions of US dollars) from investors during the 2018-2019 period. The Ministry of Public Security said further investigation is underway to clarify the fraud. The country broadens its years-long anti-graft drive with a series of high-profile corporate arrests, including top stockbrokers, property developers, and even regulators. The arrest had triggered a run on Saigon Joint Stock Commercial Bank (SCB) over suspicions of ties between Lan and the bank.

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