A Vietnamese court has upheld the death sentence handed down to real estate tycoon Truong My Lan for embezzling an estimated $12 billion, a sum representing nearly 3 percent of the country’s 2022 GDP, Al Jazeera reports.
The High People’s Court in Ho Chi Minh City rejected Lan’s appeal on Monday, concluding there was insufficient basis to reduce her sentence.
Lan, chairwoman of Van Thinh Phat Holdings Group, was originally sentenced to death in April for her role in what is considered Vietnam’s largest-ever financial fraud. The prosecution argued that the scale and impact of Lan’s actions were unprecedented, affecting the financial market and the national economy. While acknowledging Lan’s admission of guilt, remorse, and partial repayment, the court found these mitigating factors insufficient to warrant a reduced sentence.
The court did state, however, that the death sentence could be commuted to life imprisonment if Lan repays three-quarters of the embezzled funds. The prosecution’s statement, reported by state-run VietnamNet, highlighted the devastating consequences of Lan’s actions, affecting “many aspects of society”.
Lan’s arrest in 2022 triggered a run on the Saigon Commercial Bank (SCB), one of Vietnam’s largest private banks, which she illegally controlled. An estimated 36,000 individuals have been identified as victims of the fraud, sparking public outrage and rare protests in the communist nation.
Despite her lawyer citing mitigating circumstances, including her admission of guilt and partial restitution, the prosecution argued these were inadequate given the enormity of the crime. Lan retains the right to seek a review through Vietnam’s cassation or retrial procedures.
The 68-year-old Lan is one of the most high-profile individuals ensnared in Vietnam’s ongoing anti-corruption campaign, known as “Blazing Furnace,” which has intensified since 2022, targeting numerous business executives, government officials, and members of the security forces.
