Follow us on Facebook
Vietnam Court Upholds Tycoon’s Death Sentence for $12 Billion Bank Fraud
A Vietnamese court has reaffirmed the death sentence of Truong My Lan, a prominent real estate tycoon, for her involvement in the largest financial fraud case in the country’s history. The High People’s Court in Ho Chi Minh City rejected Lan’s appeal, emphasizing the severe and unprecedented nature of the crime.
The court cited the extensive damage caused by Lan’s actions, which included the embezzlement of $12 billion and illegal control of the Saigon Commercial Bank (SCB). The prosecution highlighted that the scale of the fraud, equaling nearly 3% of Vietnam’s 2022 GDP, was unparalleled and its consequences irreparable. The case has not only shaken the financial market but has also affected many facets of society.
Despite the rejection of her appeal, the court noted that Lan’s sentence could be commuted to life imprisonment if she repays three-quarters of the embezzled amount. Her legal team argued that mitigating factors, such as her admission of guilt and partial repayment of the stolen funds, warranted leniency. However, prosecutors maintained that these actions were insufficient given the magnitude of the crime.
Lan, the chairwoman of Van Thinh Phat Holdings Group, was sentenced to death in April 2023. Her fraudulent activities prompted a bank run on SCB in 2022, affecting approximately 36,000 victims and leading to rare public protests in the communist nation.
This high-profile case is part of Vietnam’s intensified anti-corruption campaign, often referred to as the “Blazing Furnace.” Since its escalation in 2022, the campaign has targeted numerous business executives, government officials, and members of law enforcement. At 68 years old, Lan remains one of the most prominent figures implicated in this sweeping crackdown.
While her appeal has been denied, Lan retains the right to request a review under Vietnam’s cassation or retrial procedures. The case continues to draw attention both domestically and internationally, raising questions about its economic and social repercussions.
Comments (0)