Vietnamese real estate tycoon Truong My Lan’s appeal against a death sentence for embezzling $12bn has been rejected by a court in Ho Chi Minh City. The court upheld the sentence but stated that it could be commuted to life imprisonment if she repays three-quarters of the money. Lan, the chairwoman of Van Thinh Phat Holdings Group, was convicted of orchestrating Vietnam’s biggest financial fraud case on record, affecting the country’s economy and financial market. Her arrest in 2022 led to a run on the Saigon Commercial Bank, causing rare protests in the communist nation. Despite showing remorse and paying back part of the embezzled money, prosecutors deemed it insufficient for leniency. Lan still has the option to request a review under Vietnam’s legal procedures. The 68-year-old is one of many business executives and state officials caught in Vietnam’s “Blazing Furnace” anticorruption campaign, which has targeted corruption since 2022. Concerns have been raised about the impact of the case on the country’s economy due to the significant sums involved. Lan’s fate hangs on the decision to repay part of the embezzled amount, with the possibility of avoiding the death penalty by returning three-quarters of the stolen assets.
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Vietnam Court Affirms Tycoon’s Death Sentence for $12 Billion Bank Fraud
