A court in Vietnam has upheld a death sentence for real estate tycoon Truong My Lan, rejecting her appeal against a conviction for embezzlement and bribery in a high-profile $12 billion fraud case. Lan, the chairwoman of Van Thinh Phat Holdings Group, was sentenced to death in April for her role in Vietnam’s biggest financial fraud case on record.
The High People’s Court in Ho Chi Minh City determined there was no basis to reduce Lan’s death sentence. However, if she is able to return three-quarters of the money embezzled while on death row, the sentence could be commuted to life imprisonment.
Lan is one of the most famous business executives and state officials jailed in Vietnam’s anti-graft campaign, known as “Blazing Furnace.” The prosecution argued that Lan’s actions had caused unprecedented consequences and affected many aspects of society, the financial market, and the economy.
Lan’s lawyer argued that she had mitigating circumstances, including admitting guilt, showing remorse, and paying back part of the embezzled money, but the prosecution deemed this insufficient. Lan still has the right to request a review under Vietnam’s cassation or retrial procedures. Her arrest in 2022 sparked a run on one of the country’s largest private banks, Saigon Joint Stock Commercial Bank, which was at the center of the fraud.