Truong My Lan must repay three-quarters of $12bn she embezzled from bank in a case that shocked the country
The Vietnamese property tycoon Truong My Lan has lost her appeal against the death penalty for masterminding a multibillion-dollar fraud scandal – though she could still save her life if she can repay most of the funds she embezzled.
Lan, who founded the real-estate developer Van Thinh Phat, was sentenced to death in April for embezzling $12bn (£9.95bn) from Saigon Commercial Bank (SCB), in a case that shocked the country.
Lan had appealed against the sentence, asking the court to consider a more “lenient and humane approach”. However, on Tuesday judges upheld the death penalty, saying her crimes had caused grave consequences, and that there were no mitigating circumstances, according to local media.
Under Vietnamese law, Lan could still save her life if she returns three-quarters of the embezzled assets, which means she faces a desperate scramble to gather billions of dollars.
