Death Sentence Upheld for Tycoon in Record $12.5 Billion Fraud Case - Vietnam

By Free Republic | Created at 2024-12-06 02:02:08 | Updated at 2024-12-22 10:57:13 2 weeks ago

Death Sentence Upheld for Tycoon in Record $12.5 Billion Fraud Case - Vietnam
newsweek. ^ | Published Dec 03, 2024 | Shannon McDonagh

Posted on 12/05/2024 5:51:25 PM PST by dennisw

AVietnamese court has upheld the death sentence for real estate tycoon Truong My Lan, rejecting her appeal against convictions for embezzlement and bribery in a fraud case involving over $12 billion.

This amount represents nearly three percent of Vietnam's 2022 GDP, marking the country's largest recorded financial fraud.

Lan, 67, served as chairwoman of Van Thinh Phat Holdings Group. Between 2012 and 2022, she illicitly controlled the Saigon Joint Stock Commercial Bank (SCB), orchestrating approximately 2,500 loans that resulted in losses exceeding $27 billion.

The Ho Chi Minh City court noted that if Lan repays at least three-quarters of the misappropriated funds her death sentence could be commuted to life imprisonment.

However, her lawyers' claims of partial repayment already having been made by Lan were dismissed due to unresolved legal issues concerning some of the seized properties, which hindered accurate valuation.

Vietnam's economy has boomed over the past decade as foreign investment poured in and the country became a preferred alternative to China while relations between Beijing and Washington deteriorated.

Lan's arrest in October 2022 was a significant milestone in Vietnam's intensified anti-corruption campaign, known as the "Blazing Furnace."

President Võ Thị Ánh Xuân's Communist party targeted high-level corruption across various sectors, aiming to restore public confidence, and attract foreign investment.

Her legal team highlighted mitigating factors, including her admission of guilt, expressions of remorse, and efforts to return a portion of the funds.

(Excerpt) Read more at newsweek.com ...

TOPICS: Business/Economy; Computers/Internet
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1 posted on 12/05/2024 5:51:25 PM PST by dennisw

To: dennisw

I’m guessing she’s chosen to take the fall, to protect senior Party officials.

2 posted on 12/05/2024 5:53:39 PM PST by SauronOfMordor (Either you will rule. Or you will be ruled. There is no other choice.)

To: dennisw

3 posted on 12/05/2024 5:56:00 PM PST by dennisw

To: dennisw

OK...if someone does,in fact,steal $12 billion I suppose they deserve to swing.

4 posted on 12/05/2024 5:58:38 PM PST by Gay State Conservative (Import The Third World,Become The Third World)

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