A property tycoon has been sentenced to death in Vietnam after the biggest fraud trial in the country’s history.

Truong My Lan was sentenced on Thursday by a court in Ho Chi Minh City after being found guilty of embezzlement, bribery and violations of banking rules following a trial.

The 67-year-old chair of the company Van Thinh Phat (VTP) was accused of fraud amounting to $12.5bn – nearly 3% of the country’s GDP in 2022.

Lan and her accomplices were charged with illegally controlling the Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022 to siphon off these funds through thousands of ghost companies and by paying bribes to government officials.

From early 2018 to October 2022, when the state bailed out SCB after a run on its deposits, Lan appropriated large sums by arranging unlawful loans to shell companies, investigators said.

The start of the trial featured prominently in state media which showed pictures and footage of Lan in the courtroom surrounded by dozens of police officers.

Lan will appeal against the verdict, a family member told Reuters news agency – before it was issued.

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VTP was among Vietnam’s richest property firm, with projects including luxury residential buildings, offices, hotels and shopping centres.

Lan’s arrest in October 2022 was among the most high-profile in an ongoing anti-corruption drive in Vietnam.

The crackdown, dubbed “blazing furnace”, has led to hundreds of senior state officials and high-profile business leaders facing prosecution or being forced to step down.

Former President Vo Van Thuong resigned in March after being implicated in the campaign.

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Nguyen Phu Trong, leader of the ruling Communist Party, has pledged for years to stamp out corruption in the country.

In November, he said the anti-corruption fight would “continue for the long term”.

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