Vietnamese real estate tycoon, already sentenced to death for fraud, faces trial on new charges

HANOI, Vietnam (AP) — The second trial for Vietnamese real estate typcoon Truong My Lan — who was sentenced to death for financial fraud in April — started on Thursday, state media reported.

The 67-year-old chair of the real estate company Van Thinh Phat was convicted for orchestrating Vietnam's biggest ever financial fraud case, amounting to $12.5 billion — nearly 3% of the country’s 2022 GDP and for illegally controlling a major bank allowing loans that resulted in losses of $27 billion, state media said.

Her arrest and conviction was one of the highest profile cases in an anti-corruption drive that has intensified since 2022. The so-called blazing furnace campaign has also singed the highest echelons of Vietnamese politics and led to the resignation of a former president who was implicated in it.

Lan is being tried on fresh charges of appropriating property fraudulently and money laundering. According to a police investigation, she raised $1.2 billion from nearly 36,000 investors by issuing bonds illegally through four companies, state media reports say.

Investigators found 21 companies controlled by Lan's Van Thinh Phat that illegally transferred over $4.5 billion in and out of Vietnam between 2012-2022.

She is also accused of siphoning off $18 billion obtained through fraud.

The case also involves 33 other defendants. It is expected to last a month.

Lan and her family established the Van Thing Phat company in 1992 after Vietnam shifted from a state-run economy to a more market-oriented approach that was open to foreign investors. She started out helping her mother, a Chinese entrepreneur, sell cosmetics in Ho Chi Minh City’s oldest market, according to the state media outlet Tien Phong.

Van Thinh Phat became one of Vietnam’s richest real estate firms, with projects including luxury residential buildings, offices, hotels and shopping centers. This made her a key player in the country’s financial industry.

Lan’s first trial shocked many Vietnamese. Analysts said the scale of the scam raised questions about whether other banks or businesses had similarly erred, dampening Vietnam’s economic outlook and making foreign investors jittery at a time when Vietnam is trying to position itself as the ideal home for businesses trying to diversify supply chains away from China.

Business woman Truong My Lan, a real estate tycoon sentenced to death for financial fraud, attends her second trial in Vietnam's largest fraud case in Ho Chi Minh City, Vietnam Thursday, Sept. 19, 2024. (Thanh Tung/VNExpress via AP)

Businesswoman Truong My Lan, a real estate tycoon sentenced to death for financial fraud, attends her second trial in Vietnam's largest fraud case in Ho Chi Minh City, Vietnam Thursday, Sept. 19, 2024. (Thanh Tung/VnExpress via AP)

Business woman Truong My Lan, center, a real estate tycoon sentenced to death for financial fraud, attends her second trial in Vietnam's largest fraud case in Ho Chi Minh City, Vietnam Thursday, Sept. 19, 2024. (Thanh Tung/VNExpress via AP)

Business woman Truong My Lan, a real estate tycoon sentenced to death for financial fraud, attends her second trial in Vietnam's largest fraud case in Ho Chi Minh City, Vietnam Thursday, Sept. 19, 2024. (Thanh Tung/VnExpress via AP)

Business woman Truong My Lan, a real estate tycoon sentenced to death for financial fraud, attends her second trial in Vietnam's largest fraud case in Ho Chi Minh City, Vietnam Thursday, Sept. 19, 2024. (Thanh Tung/VnExpress via AP)

MADISON, Wis. (AP) — Donald Trump's fourth scheduled stop in eight days in Wisconsin is a sign of his increased attention as Republicans fret about the former president's ability to match the Democrats' enthusiasm and turnout machine.

“In the political chatter class, they’re worried," said Brandon Scholz, a retired Republican strategist and longtime political observer in Wisconsin who voted for Trump in 2020 but said he is not voting for Trump or Democratic nominee Kamala Harris this year. “I think Republicans are right to be concerned.”

Trump's latest rally was planned for 2 p.m. Central time Sunday in Juneau in Dodge County, which he won in 2020 with 65% of the vote. Jack Yuds, chairman of the county Republican Party, said support for Trump is stronger in his part of the state than it was in 2016 or 2020. “I can’t keep signs in,” Yuds said. “They want everything he’s got. If it says Trump on it, you can sell it.”

Wisconsin is perennially tight in presidential elections but has gone for the Republicans just once in the past 40 years, when Trump won the state in 2016. A win in November could make it impossible for Harris to take the White House.

Trump won in 2016 over Democrat Hillary Clinton by fewer than 23,000 votes and lost to Democrat Joe Biden in 2020 by just under 21,000 votes.

On Tuesday, Trump made his first-ever visit to Dane County, home to the liberal capital city of Madison, in an effort to turn out the Republican vote even in the state's Democratic strongholds. Dane is Wisconsin’s second most-populous and fastest-growing county; Biden received more than 75% of the vote four years ago.

“To win statewide you’ve got to have a 72-county strategy,” former Gov. Scott Walker, a Republican, said at that event.

Trump’s campaign and outside groups supporting his candidacy have outspent Harris and her allies on advertising in Wisconsin, $35 million to $31 million, since she became a candidate on July 23, according to the media-tracking firm AdImpact.

Harris and outside groups supporting her candidacy had more advertising time reserved in Wisconsin from Oct. 1 through Nov. 5, more than $25 million compared with $20 million for Trump and his allies.

The Harris campaign has 50 offices across 43 counties with more than 250 staff in Wisconsin, said her spokesperson Timothy White. The Trump campaign said it has 40 offices in the state and dozens of staff.

Harris rallied supporters in Madison in September at an even that drew more than 10,000 people. On Thursday, she made an appeal to moderate and disgruntled conservatives by holding an event in Ripon, the birthplace of the Republican Party, along with former U.S. Rep. Liz Cheney of Wyoming, one of Trump’s most prominent Republican antagonists.

Harris and Trump are focusing on Wisconsin, Michigan and Pennsylvania, the “blue wall” states that went for Trump in 2016 and flipped to Biden in the next election.

While Trump’s campaign is bullish on its chances in Pennsylvania as well as Sunbelt states, Wisconsin is seen as more of a challenge.

“Wisconsin, tough state,” said Trump campaign senior adviser Chris LaCivita, who worked on Republican Sen. Ron Johnson’s winning reelection campaign in 2022.

“I mean, look, that’s going to be a very tight — very, very tight, all the way to the end. But where we are organizationally now, comparative to where we were organizationally four years ago, I mean, it’s completely different,” LaCivita said.

He also cited Michigan as more of a challenge. “But again, these are states that Biden won and carried and so they’re going to be brawls all the way until the end and we’re not ceding any of that ground.”

The candidates are about even in Wisconsin, based on a series of polls that have shown little movement since Biden dropped out in late July. Those same polls also show high enthusiasm among both parties.

Mark Graul, who ran then-President George W. Bush’s 2004 campaign in Wisconsin, said the number of campaign visits speaks to Wisconsin’s decisive election role.

The key for both sides, he said, is persuading infrequent voters to turn out.

“Much more important, in my opinion, than rallies,” Graul said.

Associated Press writers Thomas Beaumont in Des Moines, Iowa, and Jill Colvin in Butler, Pennsylvania, contributed to this report.

Republican presidential nominee former President Donald Trump arrives at a campaign event at Dane Manufacturing, Tuesday, Oct. 1, 2024, in Waunakee, Wis. (AP Photo/Charlie Neibergall)

Republican presidential nominee former President Donald Trump speaks at a campaign event at Dane Manufacturing, Tuesday, Oct. 1, 2024, in Waunakee, Wis. (AP Photo/Charlie Neibergall)

Republican presidential nominee former President Donald Trump arrives for a campaign event Saturday, Sept. 28, 2024, in Prairie du Chien, Wis. (AP Photo/Morry Gash)