A Vietnamese court upheld the death penalty on Tuesday for real estate tycoon Truong My Lan in a multi-billion-dollar fraud case, an AFP journalist reported.
The Ho Chi Minh City court ruled there was “no basis” to reduce Lan’s death sentence, initially handed down earlier this year for embezzling funds from Saigon Commercial Bank (SCB). Prosecutors said Lan, 68, effectively controlled the bank despite officially owning only 5% of its shares. The fraud, totaling $27 billion, is among the largest in Vietnam’s history.
In her handwritten appeal, spanning over five pages and seen by AFP, Lan described the sentence as “too severe and harsh” and pleaded for a “lenient and humane approach.” During Tuesday’s hearing, she sat in the front row alongside her husband, who is appealing a nine-year sentence for banking regulation violations.
The appeal hearing lasted a month and involved more than 100 lawyers, according to state media. The case has sparked outrage across Vietnam, where tens of thousands of SCB investors lost their savings, leading to rare public protests.
Under Vietnamese law, a death sentence for economic crimes can be reduced if the convicted party returns at least three-quarters of the embezzled assets and demonstrates cooperation with authorities. However, prosecutors argued Lan failed to meet these conditions, emphasizing the unprecedented scale and impact of her crimes.
Lan, the founder of real estate group Van Thinh Phat, proposed liquidating SCB and selling assets to repay the stolen funds. “I feel pained due to the waste of national resources,” she told the court, adding that she felt “embarrassed” to face such charges.
Although Lan’s official ownership in SCB was minimal, the court determined she controlled over 90% of the bank’s shares through proxies, including family members and associates. The State Bank of Vietnam intervened in April, injecting funds to stabilize SCB, though the exact amount was not disclosed.
Among Lan’s assets are high-profile properties in Ho Chi Minh City, including a shopping mall, a harbor, and luxury housing developments. At her initial trial in April, Lan was found guilty of embezzling $12.5 billion, though prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to 6% of Vietnam’s 2023 GDP.
Lan and dozens of others, including senior central bank officials, were arrested as part of Vietnam’s sweeping anti-corruption campaign, known as the “burning furnace,” which has targeted high-ranking officials and business leaders. A total of 47 co-defendants have also sought reduced sentences in the appeal process.
Last month, Lan received a life sentence for money laundering in a separate case.
