Vietnamese real estate magnate Truong My Lan’s appeal against the death penalty for masterminding a massive fraud scandal was unsuccessful. According to local media, the court affirmed the Vietnamese tycoon’s death sentence on Tuesday, finding that her offenses had severe repercussions and there would be no alternatives.
$12 billion was stolen from Saigon Commercial Bank (SCB) by Lan, founder of the real estate Van Thinh Phat. Prosecutors disclosed that 93% of SCB’s credit was obtained through fraudulent loan applications and shell firms over ten years. Judges ruled that the crimes called for the most severe penalty possible under Vietnamese law, notwithstanding the plea for clemency.
Lan can still escape execution if she repays $9 billion, equivalent to 75% of the embezzled funds. Her lawyers argue this task requires time as her assets include luxury properties and stakes in various businesses. Authorities have frozen over 1000 assets linked to the fraud, complicating efforts to raise funds quickly.
During the trial, Lan admitted feeling ashamed for draining state resources but pledged to return the stolen money. However, prosecutors countered her claims, emphasizing her extensive control over SCB through friends, family, and shell companies. Her actions led to significant financial losses for tens of thousands of investors.
This Vietnamese tycoon’s death sentence case highlights the ongoing “Blazing Furnace” anti-corruption campaign led by former Communist Party Secretary General Nguyễn Phú Trọng. Alongside Lan, 85 other defendants faced convictions with sentences ranging from three years to life imprisonment. The state has also injected $24 billion to SCB to stabilize operations.
Human rights groups criticize Vietnam’s opaque handling of the death penalty, with over 1000 inmates reportedly on death row. Lans’ situation emphasizes the high stakes involved in raising funds before execution, a race against time that may determine her fate.
