27-11-2024 (HANOI) Vietnamese prosecutors have issued an ultimatum to embattled property mogul Truong My Lan: repay approximately $11 billion or face execution by lethal injection.
The 68-year-old businesswoman, who is currently appealing her death sentence, was found guilty in April of orchestrating what authorities describe as Vietnam’s largest-ever financial fraud, involving the embezzlement of $12.3 billion from Saigon Commercial Bank.
At her appeal hearing in Ho Chi Minh City, prosecutors have taken a firm stance against showing leniency unless Lan can return a substantial portion of the stolen funds, which total 15.7 trillion dong ($16.4 billion) across two separate trials, according to her legal representative.
‘We are actively pursuing avenues to help our client avoid capital punishment’, said Giang Hong Thanh, Lan’s defence lawyer. He revealed that foreign investors have pledged $400 million in loans, with paperwork currently being processed. Vietnamese law provides that returning three-quarters of embezzled assets could lead to a reduced sentence.
The case has become a symbol of Vietnam’s aggressive anti-corruption campaign, dubbed the ‘blazing furnace’, initiated by the Communist government. During recent court proceedings, Lan reportedly displayed visible distress when prosecutors maintained their call for the death penalty, with local media outlet VnExpress reporting that she appeared physically shaken.
A second trial in October resulted in a life sentence for Lan after she was convicted of illegally moving $4.5 billion across borders, laundering $17.5 billion from the bank, and misappropriating nearly $1.2 billion through bond schemes.
The former Van Thinh Phat Group chairwoman’s case represents a watershed moment in Vietnam’s anti-corruption drive, which has already claimed numerous high-profile figures. Most recently, former parliament chairman Vuong Dinh Hue received an official warning for breaching anti-corruption regulations, marking the first such public censure of a top-tier political leader.
The appeal hearing, which has been extended to allow time for potential asset recovery, is expected to conclude on Tuesday. Lan’s legal team remains hopeful for a more lenient sentence, with her lawyer stating, ‘We earnestly seek the court’s mercy to grant her an opportunity to settle her obligations’.
The proceedings also involve appeals from 47 other defendants connected to the case, highlighting the broad scope of the investigation into one of Southeast Asia’s most significant financial scandals.
