Vietnam maintains death penalty for tycoon linked to billionaire scandal

Truong My Lan was convicted in April of defrauding Saigon Commercial Bank (SCB), an institution that was allegedly under her control

On Tuesday 3, a court in Vietnam rejected the appeal of a real estate tycoon and confirmed the death penalty. Truong My Lan, 68, was convicted of involvement in the largest financial scandal in the country’s history, with fraud estimated at $27 billion. The HCMC court said there were no reasons to overturn the first-instance decision. The information comes from AFP.

• Receive the main news directly on WhatsApp! Subscribe to the Terra channel

Lan was convicted in April of defrauding Saigon Commercial Bank (SCB), an institution that, according to the prosecution, was under her control.

Despite the appeal, the court decided to maintain the sentence. However, there is an alternative to avoid execution: if Lan returned 75% of the illicitly acquired assets, his sentence could be reduced to life imprisonment.

The case had a major impact on the country, with tens of thousands of investors losing their savings invested in the SCB, sparking large-scale protests.

Founder of real estate conglomerate Van Thinh Phat, Lan previously told the court that “the quickest way” to repair the damage would be to “liquidate SCB and sell our assets to pay the State Bank of Vietnam and the aggrieved investors.”

Source: Terra

Rose

Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.