Media reports: Tycoon must return $11 billion to escape execution
Property developer Truong My Lan has been mandated to repay billions of dollars linked to embezzlement, with the potential consequence of facing the death penalty if not complied with. Read Full Article at RT.com
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Vietnamese property developer Truong My Lan was convicted of large-scale bribery in April and sentenced to death.
According to various media sources, a Vietnamese property tycoon convicted of extensive fraud is required to return $11 billion to avoid execution by lethal injection. This ultimatum was presented by prosecutors in Ho Chi Minh City during Truong My Lan’s appeal hearing on Tuesday, as reported by Bloomberg.
The 68-year-old billionaire was found guilty of embezzling US$12.3 billion from Saigon Commercial Bank while serving as chairwoman of Van Thinh Phat Holdings Group. The prosecution claimed that Lan exercised control over the bank through a network of associates and shell companies.
Lan received a death sentence by lethal injection for her crimes, which occurred over 11 years and involved bribing government officials and breaching bank lending regulations by issuing fraudulent loans.
During the appeal hearing, prosecutors highlighted the “unprecedented” losses incurred due to Lan's actions, estimated to be as high as 6% of Vietnam’s gross domestic product.
As per Vietnamese law, a defendant must return 75% of the embezzled funds to be eligible for a reduced sentence.
Online publication VietNamNet reported that Lan has reportedly recouped more than $12.71 billion, surpassing the estimated damages calculated by the prosecution. Her defense team had appealed for leniency, urging the court to reconsider imposing the death penalty, according to the report.
Malaysian businessman Vincent Tan of Berjaya Corporation is set to acquire some of Lan’s assets, and additional foreign investors are also showing interest, according to Singaporean financial newspaper The Business Times.
The final decision regarding the appeal is anticipated on December 3, as noted by VietNamNet.
A total of 86 individuals have faced trial in connection with Lan’s scheme, including her husband and niece; four received life sentences while others received jail terms of up to 20 years.
Lan’s prominent trial is part of a broader anti-corruption initiative launched since 2016 by Communist Party Secretary-General Nguyen Phu Trong. This campaign, referred to as ‘Blazing Furnace,’ has resulted in the dismissal, fines, or imprisonment of two presidents, two deputy prime ministers, and thousands of other officials and business leaders involved in corruption.
Ramin Sohrabi for TROIB News
According to various media sources, a Vietnamese property tycoon convicted of extensive fraud is required to return $11 billion to avoid execution by lethal injection. This ultimatum was presented by prosecutors in Ho Chi Minh City during Truong My Lan’s appeal hearing on Tuesday, as reported by Bloomberg.
The 68-year-old billionaire was found guilty of embezzling US$12.3 billion from Saigon Commercial Bank while serving as chairwoman of Van Thinh Phat Holdings Group. The prosecution claimed that Lan exercised control over the bank through a network of associates and shell companies.
Lan received a death sentence by lethal injection for her crimes, which occurred over 11 years and involved bribing government officials and breaching bank lending regulations by issuing fraudulent loans.
During the appeal hearing, prosecutors highlighted the “unprecedented” losses incurred due to Lan's actions, estimated to be as high as 6% of Vietnam’s gross domestic product.
As per Vietnamese law, a defendant must return 75% of the embezzled funds to be eligible for a reduced sentence.
Online publication VietNamNet reported that Lan has reportedly recouped more than $12.71 billion, surpassing the estimated damages calculated by the prosecution. Her defense team had appealed for leniency, urging the court to reconsider imposing the death penalty, according to the report.
Malaysian businessman Vincent Tan of Berjaya Corporation is set to acquire some of Lan’s assets, and additional foreign investors are also showing interest, according to Singaporean financial newspaper The Business Times.
The final decision regarding the appeal is anticipated on December 3, as noted by VietNamNet.
A total of 86 individuals have faced trial in connection with Lan’s scheme, including her husband and niece; four received life sentences while others received jail terms of up to 20 years.
Lan’s prominent trial is part of a broader anti-corruption initiative launched since 2016 by Communist Party Secretary-General Nguyen Phu Trong. This campaign, referred to as ‘Blazing Furnace,’ has resulted in the dismissal, fines, or imprisonment of two presidents, two deputy prime ministers, and thousands of other officials and business leaders involved in corruption.
Ramin Sohrabi for TROIB News
