Vietnamese real estate tycoon Truong My Lan has had her appeal rejected, upholding the death sentence she received for embezzling $12 billion. The case has raised concerns over its impact on the country’s economy due to the large sums involved. The High People’s Court in Ho Chi Minh City ruled against reducing Lan’s sentence but stated 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 the financial fraud, which amounted to nearly 3 percent of Vietnam’s GDP in 2022. Her actions caused a run on the Saigon Commercial Bank and affected thousands of victims. Lan’s lawyer cited mitigating circumstances, but prosecutors found them insufficient. She still has the option to request a review under Vietnam’s legal procedures. This case is part of Vietnam’s ongoing anti-corruption campaign “Blazing Furnace,” which has seen several high-profile figures jailed since 2022. The 68-year-old’s conviction is seen as a significant development in the country’s fight against corruption.
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Vietnam court affirms tycoon’s death penalty for $12bn bank fraud
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