A court in Vietnam has upheld the death sentence for real estate tycoon Truong My Lan, rejecting her appeal against a conviction for embezzlement and bribery in connection with a $12 billion fraud case, according to state media reports.
According to the Leaders Asia sources, Lan, the chairwoman of Van Thinh Phat Holdings Group, was sentenced to death in April for her involvement in Vietnam’s largest financial fraud case. The High People’s Court in Ho Chi Minh City ruled that there were no grounds to reduce her sentence, though it was suggested that if Lan repaid three-quarters of the embezzled money while on death row, the sentence could be commuted to life imprisonment.
Lan is one of the most high-profile figures arrested in Vietnam’s ongoing anti-corruption campaign, known as “Blazing Furnace.” Prosecutors emphasized the unprecedented scale of the fraud, which had a significant impact on various sectors of the economy, including the financial market.
As per the Leaders Asia sources, although Lan’s defense argued for leniency, citing her admission of guilt, remorse, and partial repayment, the court determined these factors were insufficient. She still retains the option to request a review through Vietnam’s legal procedures.
Lan’s arrest in 2022 triggered a mass withdrawal of funds from Saigon Joint Stock Commercial Bank (SCB), which was central to the fraud and largely owned by Lan through intermediaries. To stabilize the bank, Vietnam’s central bank injected $24 billion in emergency loans. Additionally, Lan received a life sentence in October after being convicted of fraud, money laundering, and illegal money transfers.
