Vietnam’s top soft drinks tycoon was jailed for eight years on Thursday in a $40 million fraud case, the latest high-profile business figure snared in the country’s sweeping crackdown on corruption.Some of Vietnam’s most successful business leaders have been snared in the country’s “blazing furnace” graft purge.
The sweep has been driven by powerful Communist Party General Secretary Nguyen Phu Trong and more than 1,700 cases have been prosecuted since 2021.
In one of the biggest fraud cases in history, property tycoon Truong My Lan was sentenced to death earlier this month for masterminding a swindle that has caused losses estimated at $27 billion.
Facing justice with Lan were 85 others, including senior banking officials, being sentenced on charges ranging from bribery and power abuse to appropriation and violations of banking law.
In March, a Hanoi court gave luxury property tycoon Do Anh Dung eight years in prison for cheating thousands of investors in a $355 million bond scam.
State media reported that Dung and his son, who was jailed for three years, have already repaid the $355 million.
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