Vietnamese Billionaire Sentenced to Death Tries to Avoid Execution by Paying Back Money
Truong My Lan, a famous real estate businesswoman in Vietnam, has been sentenced to death for stealing over $12 billion. Now, she is trying to return some of the stolen money, hoping it will reduce her sentence.
A Billion-Dollar Fraud Case
Lan’s lawyer, Giang Hong Thanh, said she has started selling her assets to repay the stolen money. So far, she plans to return $585 million from bond profits.
From Small Business to a Real Estate Empire – Then a Big Fall
Lan was born in Ho Chi Minh City and began by selling cosmetics at a street market. After Vietnam’s economic reforms in 1986, she moved into real estate and became very successful.
By 2024, she was the head of Van Thinh Phat Group and was arrested for running a huge financial scam involving Saigon Commercial Bank (SCB).
Why She Got the Death Penalty
In April 2024, Lan was found guilty of stealing $12.3 billion from SCB through fake loans. These fake loans made up 93% of the bank’s total lending, causing huge financial losses for many investors.
Although she was not an official executive at SCB, the court found that she controlled 91% of the bank’s shares through a network of family members and fake companies.
Government Reaction: A Huge Bailout
Vietnam’s central bank had to spend $24 billion to save SCB, and another $26 billion will be paid back over 15 years.
The total financial damage is estimated at $27 billion, which is 6% of Vietnam’s GDP in 2023.
Lan was tried alongside 85 others, including former bank officials, government leaders, and SCB executives.
A Plea for Mercy
Lan has asked the court for a lighter sentence, but her request was denied. The court said her crime was too serious.
She has now hired four more lawyers to help with her appeal. 27 of her co-defendants have also asked for lighter sentences.
The appeal hearings will continue until April
