A Vietnamese court upheld the death sentence on Tuesday for property tycoon Truong My Lan, who was convicted in a multi-billion-dollar fraud case, as an AFP journalist witnessed.
The court in Ho Chi Minh City ruled that there was “no basis” to reduce the death penalty for the 68-year-old property developer, who was found guilty earlier this year of embezzling funds from the Saigon Commercial Bank (SCB), which prosecutors said she controlled. Lan was sentenced to death for fraud amounting to $27 billion.
In a handwritten appeal spanning more than five pages, Lan argued that the death sentence was “too severe and harsh,” requesting the court consider a more “lenient and humane approach.”
On Tuesday, Lan sat at the front of the courtroom, flanked by her husband, who is appealing a nine-year sentence for violating banking regulations. The month-long appeal hearing was attended by over 100 lawyers, according to state media.
The case shocked the nation as tens of thousands of people who invested in SCB lost their savings, prompting rare protests. Prosecutors have maintained that Lan did not meet the conditions to avoid the death penalty, emphasizing the unprecedented scale of her crimes.
Under Vietnamese law, Lan could have her sentence commuted if she returns three-quarters of the stolen assets and cooperates fully with authorities. However, prosecutors argued that she has failed to meet these conditions. Lan, who founded the Van Thinh Phat real estate group, suggested that liquidating SCB and selling her assets could be the quickest way to repay the stolen funds.
Lan was found to effectively control more than 90% of SCB’s shares, despite owning only 5% on paper. The State Bank of Vietnam injected undisclosed funds into SCB to stabilize it.
Among the assets controlled by Lan and her group are a shopping mall, a harbor, and luxury housing complexes in Ho Chi Minh City. During her trial, it was revealed that the total damages caused by her embezzlement amounted to $27 billion, or about 6% of Vietnam’s GDP in 2023.
Lan and dozens of other defendants, including senior central bank officials, were arrested as part of a national anti-corruption campaign dubbed the “burning furnace,” which has targeted officials and business elites. Forty-seven other defendants have requested reduced sentences at the appeal.
In a separate case last month, Lan was convicted of money laundering and sentenced to life imprisonment.
AFP
