Former CEO arrested for shocking $40m embezzlement from property developer chairwoman

HCM CITY — Nguyễn Cao Trí, former CEO of Saigon – Đại Ninh Tourism Investment Company, has been arrested for allegedly appropriating a staggering US$40 million from the chairwoman of property developer Vạn Thịnh Phát. Trí’s alleged embezzlement occurred when Lan was arrested last October for alleged fraud related to the issuance and trading of bonds. Her husband is a real estate entrepreneur in Hong Kong (China), local media stated. Her company has extensive investments in commerce, hospitality, and real estate, being the owner of major projects and buildings in prime locations in HCM City. In 1992, Lan established Vạn Thịnh Phát Co., Ltd. operating in the fields of commerce and hospitality, which then expanded to the real estate sector.