A Vietnamese court upheld the death sentence for property tycoon Truong My Lan, convicted of a $27 billion fraud involving Saigon Commercial Bank. While the appeal was denied, Lan can avoid execution by repaying three-quarters of the embezzled funds, approximately $9 billion. This repayment could reduce her sentence to life imprisonment. Her husband received a reduced prison sentence, and the case has sparked widespread public outrage and a national anti-corruption campaign.
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A Vietnamese court upheld the death sentence of property tycoon Truong My Lan for orchestrating a $44 billion bank fraud, the largest in history. While the sentence stands, Ms. Lan could avoid execution by repaying $9 billion, three-quarters of the embezzled funds. This follows her April conviction for misappropriating funds from Saigon Commercial Bank over a decade through shell companies. Ms. Lan, who built a real estate empire from humble beginnings, now faces a race against time to secure the necessary funds.
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Facing a death sentence for embezzling $12.3 billion and related offenses, Vietnamese property tycoon Truong My Lan must repay approximately $11 billion to avoid execution. Prosecutors have rejected leniency unless a substantial portion of the embezzled funds is returned, a condition her lawyer believes can be met through secured investments and loans. Her legal team is actively pursuing these options, aiming to satisfy the court’s requirement of returning three-quarters of the misappropriated assets to mitigate the sentence. Lan’s high-profile case underscores the Vietnamese government’s intensified crackdown on corruption.
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John Q. Hosedrinker