Vietnamese tycoon on death row appeals life sentence in separate case

VIETNAM TRIAL TRUONG MY LAN — Truong My Lan was found guilty of embezzling US$12.5 billion during her first trial in April. (EPA Images pic)

HANOI: A Vietnamese property tycoon who lost her appeal against the death penalty last week is appealing a life sentence in a separate trial in which she was convicted of money laundering, state media said today.

Property developer Truong My Lan, 68, was found guilty in April of swindling money from Saigon Commercial Bank (SCB) – which prosecutors said she controlled – and sentenced to death for fraud totalling US$27 billion.

Tens of thousands of people who had invested their savings in the bank lost money, shocking the communist nation and prompting rare protests from the victims.

Lan appealed that verdict, and the court determined last week there was no basis to reduce her sentence – but said she could still escape the death penalty if she returned three quarters of the stolen assets.

Now she is appealing a verdict from a second trial in October, in which she was sentenced to life in prison for three crimes.

She was found guilty of money laundering worth US$17.7 billion and illegal cross-border trafficking of cash worth US$4.5 billion.

She was also found guilty of bond fraud to the tune of US$1.2 billion.

The court determined that Lan was “the mastermind, committed the crime with sophisticated methods, many times, causing especially serious consequences”.

Thirty-three other defendants were also sentenced at the court in Ho Chi Minh City, and given terms ranging from two to 23 years in prison.

Twenty-eight of them will appeal their sentences, state media said today.

During her first trial in April, Lan was found guilty of embezzling US$12.5 billion, but prosecutors said the total damages caused by the scam amounted to US$27 billion – equivalent to around 6% of the country’s 2023 GDP.

Lan owned just 5% of shares in SCB on paper, but at her trial, the court concluded that she effectively controlled more than 90% through family, friends and staff.

In April, a former chief inspector of the State Bank was given life in prison for accepting a US$5 million bribe to overlook financial problems at SCB.

Related Posts