By The Straits Times | Created at 2024-11-26 10:32:42 | Updated at 2024-11-26 12:33:58
2 hours ago
Updated
Nov 26, 2024, 06:24 PM
Published
Nov 26, 2024, 06:24 PM
HO CHI MINH CITY - A Vietnamese property tycoon sentenced to death for multi-billion-dollar fraud begged a court to spare her life on Nov 26, saying she was trying to repay the stolen funds.
Property developer Truong My Lan, 68, was convicted earlier in 2024 of embezzling money from Saigon Commercial Bank (SCB) – which prosecutors said she controlled – and condemned to die for fraud totalling US$27 billion (S$36.38 billion) in one of the biggest corruption cases in history.
She is appealing against her sentence at a court in Ho Chi Minh City, with the ruling expected in the coming days.
In her final remarks before the court, Lan said: “My only thought is on how to repay the debt to the SBV (State Bank of Vietnam) and the people. I don’t think about the damage to myself and my family.
“I feel pained due to the waste of national resources,” Lan said, adding she felt “very embarrassed to be charged with this crime”.
“Please reconsider and reduce my sentence,” she asked the court.
According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have co-operated sufficiently with authorities.
But prosecutors argued on Nov 25 that she had not met the conditions, and emphasised her crime’s consequences were “huge and without precedent”.
Among key points being debated in court is an estimate of Lan’s personal wealth.
Lan, who founded real estate development group Van Thinh Phat, told the court that “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV and the people”.
Tens of thousands of people who had invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims – who demonstrated again on Nov 26 outside the State Bank of Vietnam in Hanoi.
The State Bank said in April that it pumped funds into SCB to stabilise it, without revealing how much.
During her first trial in April, Lan was found guilty of embezzling US$12.5 billion, but prosecutors said the total damages caused by the scam amounted to US$27 billion – equivalent to around six per cent of the country’s 2023 GDP.
A total of 47 other defendants have requested reduced sentences at the appeal, which began in early November.
In October, Lan was convicted of money laundering and jailed for life in a separate case. AFP
