Finance Fraud: Vietnam Property Tycoon Sentenced To Death For $27bn Fraud

FINANCE FRAUD: Vietnam property tycoon sentenced to death for $27bn fraud

…..begs court to spare her life, saying she is trying to repay funds

By Jinxin Pai

A Vietnamese property tycoon sentenced to death for multi-billion-dollar fraud begged a court to spare her life Tuesday, saying she was trying to repay the stolen funds.

Property developer Truong My Lan, 68, was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) — which prosecutors said she controlled — and condemned to die for fraud totaling $27 billion in one of the biggest corruption cases in history.

She is appealing against her sentence at a court in Ho Chi Minh City, with the ruling expected in the coming days.

In her final remarks before the court, Lan said: “My only thought is on how to repay the debt to the SBV (State Bank of Vietnam) and the people. I don’t think about the damage to myself and my family.

“I feel pained due to the waste of national resources,” Lan said, adding she felt “very embarrassed to be charged with this crime”.

“Please reconsider and reduce my sentence,” she asked the court.

According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have co-operated sufficiently with authorities.

But prosecutors argued Monday that she had not met the conditions, and emphasised her crime’s consequences were “huge and without precedent”.

Among key points being debated in court is an estimate of Lan’s personal wealth.

Lan, who founded real estate development group Van Thinh Phat, told the court that “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV and the people”.

Tens of thousands of people who had invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims — who demonstrated again on Tuesday outside the State Bank of Vietnam in Hanoi.

The State Bank said in April that it pumped funds into SCB to stabilise it, without revealing how much.

During her first trial in April, Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to around six percent of the country’s 2023 GDP.

A total of 47 other defendants have requested reduced sentences at the appeal, which began in early November.

Last month, Lan was convicted of money laundering and jailed for life in a separate case.