Tue Nov 26 12:42:16 UTC 2024: ## Vietnamese Tycoon Pleads for Life, Claims She’s Trying to Repay $27 Billion Embezzlement
**Ho Chi Minh City, Vietnam** – Vietnamese property tycoon Truong My Lan, 68, is desperately pleading for her life after being sentenced to death for orchestrating a massive $27 billion fraud. Lan, founder of the Van Thinh Phat real estate group, made her appeal Tuesday during a hearing in Ho Chi Minh City, arguing that her sole focus is repaying the stolen funds embezzled from Saigon Commercial Bank (SCB).
Lan, who was convicted earlier this year of embezzling funds from SCB – a bank prosecutors claim she controlled – told the court, “My only thought is on how to repay the debt to the State Bank of Vietnam (SBV) and the people.” She expressed remorse for wasting national resources and the impact on the tens of thousands of investors who lost their savings.
The case, one of the largest corruption scandals in Vietnamese history, has caused widespread outrage and rare public protests. Demonstrations occurred again Tuesday outside the State Bank of Vietnam in Hanoi. The scale of the fraud is staggering, with the $27 billion figure representing approximately six percent of Vietnam’s 2023 GDP.
While Vietnamese law allows for the death penalty to be commuted if three-quarters of the embezzled assets are returned and sufficient cooperation is shown, prosecutors maintain Lan hasn’t met these conditions. A key point of contention in the appeal is the precise valuation of Lan’s personal assets. She proposed liquidating SCB and selling assets to repay the debt.
Lan’s appeal hearing is ongoing, with a ruling expected in the coming days. Forty-seven other defendants are also seeking reduced sentences. In a separate case last month, Lan received a life sentence for money laundering. The outcome of this appeal will be closely watched, not only for its impact on Lan’s life but also for its implications on Vietnam’s fight against corruption.
First Piper 