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  • Writer's pictureBy The Financial District

Convicted Vietnamese Fraudster Owns Vietnam’s Ritziest Properties

Van Thinh Phat Holdings Group Chairwoman Truong My Lan, 67, was sentenced to death on Thursday after a month-long trial for siphoning off more than $12 billion from the Saigon Joint Stock Commercial Bank (SCB) through loans to shell companies, as reported by Khanh Vu, Phuong Nguyen, and Francesco Guarascio for Reuters.

Times Square Saigon, one of the tallest buildings in Ho Chi Minh City, is among the assets that have piqued the interest of foreign investors. I Photo: The Reverie Saigon Times Square

However, some of Truong's assets are properties at prime locations, including in and nearby Dong Khoi Street in Ho Chi Minh City, which US firm Cushman & Wakefield ranked last year as the world's 13th most expensive retail main street.

Some foreign investors, in letters written to the court, have expressed interest in these mostly high-end properties.

Among those assets are Times Square Saigon, one of the tallest buildings in Ho Chi Minh City; Sherwood Residence, a five-star hotel and serviced apartment complex in the heart of Ho Chi Minh City; and Windsor Plaza Hotel in Ho Chi Minh City's Chinatown, which is a hub for dealmakers.

Capital Place is a grade-A office building in Hanoi's downtown Ba Dinh District, consisting of two 37-floor towers with a total office space of 100,000 square meters (1.08 million square feet).

IFC One Saigon is the shell of a planned 41-story building in Ho Chi Minh City's District 1, featuring office space, apartments, and a commercial center.


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