Vietnamese Property Tycoon Awaits Verdict on Appeal
The Case Against Truong My Lan
Property developer Truong My Lan, 68, was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) and condemned to death for fraud totalling US$27 billion.
The Appeal
Lan has appealed her death sentence, arguing that it is "too severe and harsh" and asking the court to consider a more "lenient and humane approach". In her official handwritten appeal, Lan stated that the quickest way to repay the stolen funds would be to liquidate SCB and sell their assets to repay the State Bank of Vietnam and the people.
The Consequences of the Crime
Tens of thousands of people who invested their savings in SCB lost money, shocking the nation and prompting rare protests from the victims. According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have co-operated sufficiently with authorities. However, prosecutors have argued that she has not met the conditions, and emphasized her crime’s consequences were "huge and without precedent".
The Trial
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 and dozens of defendants, including senior central bank officials, were arrested as part of a national corruption crackdown dubbed the "burning furnace" that has swept up numerous officials and members of Vietnam’s business elite.
The Verdict
The month-long appeal was attended by more than 100 lawyers, according to state media. Lan’s husband, who is appealing a nine-year sentence for violating banking regulations, sat next to her in the courtroom. The verdict is expected to be announced soon, and Lan’s fate hangs in the balance.
Conclusion
The case against Truong My Lan is one of the biggest corruption prosecutions in history, and the outcome is eagerly anticipated. The consequences of her crime have been devastating, and the Vietnamese people are waiting to see if justice will be served.
FAQs
- What is the total amount of money embezzled by Truong My Lan?
- US$27 billion
- What is the sentence imposed on Truong My Lan?
- Death
- What is the appeal based on?
- Lan’s argument that the death sentence is "too severe and harsh"
- What is the condition for Lan to escape the death penalty?
- Proactively returning three-quarters of the embezzled assets and co-operating sufficiently with authorities