Vietnamese Tycoon Sentenced To Death In Multi-Billion Dollar Fraud

On Thursday, a Vietnamese property mogul was sentenced to death in one of history’s biggest corruption cases, with an estimated $27 billion in damages.

Truong My Lan, chair of top developer Van Thinh Phat, who was guilty of swindling cash from Saigon Commercial Bank (SCB) over a decade, had all of her defence arguments dismissed by a panel of three -handpicked jurors and two judges.

“The defendant’s actions… eroded people’s trust in the leadership of the (Communist) Party and state”, reads the verdict at the trial in Ho Chi Minh City, southern business hub.

Lan disputed the claims, blaming her subordinates.

Following a five-week trial in business hub Ho Chi Minh City, 85 others await judgments and sentences on allegations ranging from bribery and abuse of power to appropriation and violations of banking law.

Lan embezzled $12.5 billion, but prosecutors stated Thursday that the total damages caused by the crime is now $27 billion, or 6% of the country’s 2023 GDP.

The death penalty is an extraordinarily harsh punishment in such a case.

She and the others were apprehended as part of a national corruption crackdown that has targeted many officials and members of Vietnam’s corporate elite in recent years.

Lan appeared to admit to having suicidal thoughts during her final court.

Vietnamese tycoon said, “In my desperation, I thought of death”.

“I am so angry that I was stupid enough to get involved in this very fierce business environment — the banking sector — which I have little knowledge of”, Lan added.

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