68-year-old Vietnamese woman behind $27 billion fraud appeals death sentence
The High People's Court in Ho Chi Minh City, Vietnam, has begun reviewing property magnate Truong My Lan's appeal against her death sentence, after she pleaded for a more "lenient and humane" sentence. The 68-year-old businesswoman was sentenced to extreme punishment in April for her role in a massive fraud case. The court proceedings are likely to last until November 25, during which it will review Lan's request. Appeals of 47 other convicts will also be heard during the session.
Lan's life sentence and corruption charges
Along with her death sentence, Lan was also given a life imprisonment term in October after being convicted on more charges in a separate trial. The case is one of the single-party government's wide-ranging campaign against corruption. Lan was convicted of embezzling $12.3 billion from Saigon Commercial Bank (SCB), bribing government officials, and violating bank lending regulations. However, prosecutors stated the total damages from the scam reached $27 billion, which is around 6% of the country's GDP for 2023.
Second trial reveals more financial crimes
In the second trial, Lan and 33 other defendants were convicted of illegally transferring around $4.5 billion across borders. They were also found guilty of laundering around 446 trillion dong in stolen assets mainly from Saigon Commercial Bank (SCB), and misappropriating around 30 trillion dong from investors through bond issuances. Tens of thousands of individuals who invested their savings in the bank lost money, shocking the communist nation and sparking protests from the affected victims.
