Truong My Lan, a Vietnamese real estate magnate, lost her appeal against her death sentence for orchestrating the largest bank fraud in history.
According to Vietnamese law, the 68-year-old’s sentence will be commuted to life in prison if she can repay 75% of what she took, putting her in a race for her life.
The trial court discovered in April that Truong My Lan had surreptitiously taken over Saigon Commercial Bank, the fifth-largest lender in the nation, and embezzled $44 billion (£34.5 billion) in loans and cash over a ten-year period through a network of shell firms.
She was given a death sentence for embezzlement, the most serious financial crime, and misappropriation, according to prosecutors, which totaled $27 billion.
The court ruled on Tuesday that there was no justification for lowering Truong My Lan’s death sentence. She could still escape execution, though, if she returns $9 billion, or three-quarters of the $12 billion she stole.
She can still ask the president for amnesty, so this is not her last appeal. Truong My Lan was occasionally belligerent during her trial, but she was more remorseful during the most recent hearings for her appeal against the punishment.
Truong My Lan, who was born into a Sino-Vietnamese household in Ho Chi Minh City, began her career selling cosmetics at market stalls alongside her mother. Following the Communist Party’s introduction of economic liberalization in 1986, she started purchasing real estate.
She had a sizable portfolio of hotels and eateries by the 1990s. She was the head of the well-known real estate company Van Thinh Phat Group when she was found guilty and given her sentence in April. The “Blazing Furnaces” anti-corruption drive, spearheaded by Nguyen Phu Trong, the secretary-general of the Communist Party at the time, saw a dramatic moment.
According to her lawyers, Truong My Lan was making every effort to secure the $9 billion that was required. But it’s been hard to cash in her holdings. There are a few high-end properties in Ho Chi Minh City that might theoretically sell rapidly. Other options include shares or holdings in real estate projects or other companies.
Over a thousand distinct assets have been connected to the scam by the state. For the time being, the authorities have frozen these. According to the report, the tycoon has reportedly asked acquaintances for loans so she can meet the goal.
On the basis of money, her lawyers have urged the courts to be lenient. They said that she would find it difficult to negotiate the best price for the sale of her interests and assets while she is serving a death sentence, making it more difficult for her to raise the $9 billion.
They claim she would fare far better if she were given a life sentence instead. Prior to her appeal being denied, attorney Nguyen Huy Thiep reported, “The total value of her holdings actually exceeds the required compensation amount.”
However, since many of the assets are real estate and take time to dispose, selling these takes time and effort. Truong My Lan is hopeful that the court will establish the best terms possible so that she may keep providing compensation.
Few had anticipated these arguments would influence the judges. She is now essentially competing with the executioner to get the money she requires.
The death penalty is regarded as a state secret in Vietnam. Although human rights organizations claim there are over 1,000 prisoners on death row and that Vietnam is one of the largest executioners in the world, the government does not disclose the exact number.
Prisoners are usually given very little notice, but there are usually lengthy delays—often years—before punishments are executed. Her life will probably be saved if Truong My Lan can recover the $9 billion before then.
–Deeprows News
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