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Tycoon Truong My Lan’s Death Sentence Upheld
A Vietnamese court has confirmed the death sentence for real estate mogul Truong My Lan. Lan was convicted of embezzlement and bribery in a $12 billion fraud case, the largest financial crime in Vietnam’s history.
The High People’s Court rejected Lan’s appeal, citing the gravity of her actions. Lan remains on death row, but could potentially have her sentence reduced to life imprisonment if she returns most of the embezzled funds.
Lan is a prominent figure in Vietnam’s anti-corruption campaign, known as “Blazing Furnace.” Prosecutors argued that her crimes caused widespread societal and economic damage.
Lan’s lawyer highlighted her admission of guilt and repayment of some funds, but prosecutors dismissed these factors as insufficient. Lan still has the right to request a retrial.
Lan’s arrest in 2022 triggered a run on Saigon Joint Stock Commercial Bank (SCB), which was central to the fraud. The central bank has reportedly injected $24 billion into SCB to stabilize the situation.