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 overĀ $12 billion. Now, she is trying to return some of the stolen money, hoping it will reduce her sentence.
A Billion-Dollar Fraud Case
Lanās lawyer, Giang Hong Thanh, said she has started selling her assets to repay the stolen money. So far, she plans to returnĀ $585 millionĀ from bond profits.
From Small Business to a Real Estate Empire ā Then a Big Fall
Lan was born in Ho Chi Minh City and began by selling cosmetics at a street market. After Vietnamās economic reforms in 1986, she moved into real estate and became very successful.
By 2024, she was the head ofĀ Van Thinh Phat GroupĀ and was arrested for running a huge financial scam involvingĀ Saigon Commercial Bank (SCB).
Why She Got the Death Penalty
InĀ April 2024, Lan was found guilty of stealingĀ $12.3 billionĀ from SCB through fake loans. These fake loans made upĀ 93% of the bankās total lending, causing huge financial losses for many investors.
Although she was not an official executive at SCB, the court found that she controlledĀ 91% of the bankās sharesĀ through a network ofĀ family members and fake companies.
Government Reaction: A Huge Bailout
Vietnamās central bank had to spendĀ $24 billionĀ to save SCB, and anotherĀ $26 billionĀ will be paid back overĀ 15 years.
The total financial damage is estimated atĀ $27 billion, which isĀ 6% of Vietnamās GDP in 2023.
Lan was tried alongsideĀ 85 others, including formerĀ 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 hiredĀ four more lawyersĀ to help with her appeal.Ā 27 of her co-defendantsĀ have also asked for lighter sentences.
The appeal hearings will continue untilĀ April
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