Hanoi, Vietnam: Bank fraud mastermind Truong My Lan, a 68-year-old Vietnamese property tycoon, has lost her appeal against a death sentence for orchestrating the world’s largest financial scandal.
In April the trial court found that Truong My Lan had secretly controlled Saigon Commercial Bank, the country’s fifth biggest lender, and taken out loans and cash over more than 10 years through a web of shell companies, amounting to a total of $44bn (£34.5bn).
Of this amount, $27 billion was misappropriated, and $12 billion embezzled, leading to her death sentence for the latter—the most severe financial crime. The court upheld the verdict, but her sentence could be commuted to life imprisonment if she repays $9 billion, 75% of the embezzled funds.
During her trial, Truong My Lan displayed moments of defiance, but during her recent appeal hearings, she adopted a more remorseful tone.
My Lan expressed shame for causing such a significant burden on the state and emphasized that her sole focus was on repaying the money she had taken.
Born into a Sino-Vietnamese family, Truong rose from selling cosmetics to leading a real estate empire, Van Thinh Phat Group. Her case, part of Vietnam’s “Blazing Furnaces” anti-corruption campaign, also saw 85 co-defendants convicted.
The State Bank of Vietnam reportedly invested billions to recapitalize Saigon Commercial Bank, aiming to avert a broader banking crisis. Prosecutors described her crimes as “immense and unprecedented,” asserting they did not warrant any leniency.
Authorities have frozen over 1,000 assets tied to her fraud, complicating efforts to raise funds. Despite her contrite appeal, Truong continues to mobilize resources, including reaching out to friends, to meet the repayment target.
Vietnam considers the death penalty a state secret, withholding details about the number of individuals on death row. However, human rights groups estimate over 1,000 prisoners, ranking the country among the world’s top executioners.
Execution sentences often face significant delays, sometimes spanning years, with prisoners receiving minimal notice before they are carried out.
For Truong My Lan, recovering the $9 billion in time could likely save her from execution.
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