HANOI: A court in Vietnam on Tuesday upheld a death sentence for real estate tycoon Truong My Lan after rejecting her appeal against a conviction for embezzlement and bribery, state media reported.
Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was sentenced to death in April for her role in a financial fraud worth more than $12 billion, Vietnam’s biggest on record.
She was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) — which prosecutors said she controlled — and condemned to die for fraud totaling $27 billion.
In her official handwritten appeal of more than five pages seen by AFP, Lan said the death sentence was “too severe and harsh,” asking the court to consider a more “lenient and humane approach.”
On Tuesday, Lan sat in the front row of the courtroom, waiting to hear if her life would be spared. Next to her was her husband, who is appealing a nine-year sentence for violating banking regulations.
The month-long appeal was attended by more 100 lawyers, according to state media.
Tens of thousands of people who invested their savings in SCB lost money, shocking the communist 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 cooperated sufficiently with authorities.
But prosecutors have argued she has not met the conditions, and emphasized her crime’s consequences were “huge and without precedent.”
Lan, who founded real estate development group Van Thinh Phat, told the court in Ho Chi Minh City “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV (State Bank of Vietnam) and the people.”
“I feel pained due to the waste of national resources,” Lan said last week, adding she felt “very embarrassed to be charged with this crime.”
Lan owned just five percent of shares in SCB on paper, but at her trial, the court concluded that she effectively controlled more than 90 percent through family, friends and staff.
The State Bank said in April that it pumped funds into SCB to stabilize it, without revealing how much.
Among the assets that Lan and Van Thinh Phat own are a shopping mall, a harbor and luxurious housing complexes in business hub Ho Chi Minh City.
During her first trial in April, Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to around six percent 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.
A total of 47 other defendants have requested reduced sentences at the appeal.
Last month, Lan was convicted of money laundering and jailed for life in a separate case.
