Truong My Lan, a prominent Vietnamese real estate mogul, has been unable to overturn her death sentence and must pay $9 billion to potentially avoid execution.
Earlier in April, Lan faced capital punishment after being convicted of embezzling $12 billion from Saigon Commercial Bank (SCB). Prosecutors claimed the true financial damage amounted to $27 billion.
The 68-year-old, who established the property development firm Van Thinh Phat, sought to challenge the verdict. However, on Tuesday, December 3, a court in Ho Chi Minh City refused her appeal.
Testimonies during the trial revealed that from 2012 to 2022, Lan orchestrated deceptive loan applications to siphon off funds—including many individuals’ life savings—from SCB.
The fraudulent loans totaled an astronomical $44 billion, representing 93 percent of the bank’s total loans.
Lan was among 85 individuals linked to SCB who faced trial and was found guilty of not only embezzlement but also bribery and violations of banking regulations.
The court declared she embezzled $12 billion, with prosecutors alleging $27 billion was wrongfully acquired.
The ruling stated, “The defendant’s actions […] eroded people’s trust in the leadership of the [Communist] party and state.”
In a separate case, Lan was sentenced to life imprisonment in October for money laundering.
Although she appealed for leniency, citing a desire for a more ‘lenient and humane approach,’ her request was declined. Nevertheless, Vietnamese law provides a potential lifeline; if Lan can reimburse 75 percent of the stolen funds, her sentence might be lessened.
Under this law, by repaying $9 billion, Lan could see her punishment commuted to life imprisonment, sparing her life.
Nguyen Khac Giang, a visiting fellow at Singapore’s ISEAS–Yusof Ishak Institute, explained to AP News that Lan would need to seek a case review or a presidential pardon to lessen her sentence, stating, “Moreover, if she repays at least three-quarters of the misappropriated funds, the court may consider commuting her sentence to life imprisonment.”
Before Lan’s appeal was denied, her lawyer Nguyen Huy Thiep told the BBC, “The total value of her holdings actually exceeds the required compensation amount.”
However, he noted the complexity of liquidating her assets, many of which are real estate, adding, “Truong My Lan hopes the court can create the most favorable conditions for her to continue making compensation.”