Vietnamese Tycoon “Truong My Lan” Faces Death Sentenced For $12 Billion Fraud Scandal

On December 3, 2024, a Vietnamese court confirmed the death sentence for real estate tycoon “Truong My Lan”, who was convicted of embezzling $12 billion, which equals nearly 3% of the country’s 2022 Gross Domestic Product (GDP).

The “Ho Chi Minh City” court rejected Lan’s appeal to reduce the intensity of the punishment for the marked financial crime.

Lan, a prominent Vietnamese businesswoman and former state official, has been sentenced to 13 years as part of the country’s anti-corruption campaign, “Blazing Furnace.”

Lan is one of the most high-profile figures to be jailed in the campaign targetting business executives, government officials, and law enforcement personnel since 2022.

Given the enormous amount of money embezzled, Lan’s case is raising much concern over the economic implications it may bring upon Vietnam. This case alone will represent how the government is determined to deal with such crimes.

Local media reports suggest that the court had nothing to hold against the verdict for lessening the harshness of the sentence. But the hope for Lan remains strong. According to the ruling, the death sentence could change into life imprisonment if she pays back 3 quarters of the amount she has embezzled.

“The consequences Lan caused are unprecedented in the history of litigation, and the amount of money embezzled is massive & unrecoverable. The defendant’s actions have affected many aspects of society, the financial market, the economy.”

Vietnam Officials

In addition to the fraud charges, Lan was convicted of illegally controlling the Saigon Commercial Bank (SCB). Her arrest in 2022 sparked a bank run on SCB — one of Vietnam’s largest private banks.

The fraud scandal has had far-reaching consequences that affect an estimated 36,000 individuals, shocking the communist nation & sparking rare public protests.

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According to the media reports, Lan still has the right to apply for a review under Vietnam’s cassation or retrial procedures.