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Truong My Lan, a 68-year-old property tycoon from Vietnam, has been sentenced to death for embezzling a staggering $27 billion in one of the country's largest fraud cases. Lan, who controlled Saigon Commercial Bank (SCB), was found guilty of swindling funds from the bank, affecting tens of thousands of investors who lost their savings.
Despite her death sentence, there is still a chance for Lan to avoid execution. The court has stated that if she returns three-quarters of the stolen money, her sentence could be reduced to life imprisonment. This means she would need to repay approximately $9 billion of the $12 billion she embezzled. Lan’s defense argued that she had already started the repayment process by handing over over 600 family properties, though it's unclear how much these assets are worth. Lan is now under pressure to liquidate her assets quickly to raise the funds before her execution, which could still be years away.
The case has shocked Vietnam, leading to rare protests from victims who lost their savings. Lan has expressed regret, saying she feels ashamed of her actions and is focused on repaying the stolen money. She previously suggested that liquidating SCB and selling assets could be the quickest way to repay the funds.
In addition to the fraud case, Lan was convicted of money laundering in a separate trial and sentenced to life imprisonment. Her husband, Eric Chu Nap Kee, a Hong Kong billionaire, had his sentence reduced from nine years to seven. Lan's case is part of a larger national corruption crackdown in Vietnam, which has implicated several high-profile business figures and officials.
Source: CBS News
