Truong My Lan, a prominent Vietnamese businesswoman, has lost her appeal against a death sentence handed down for orchestrating what prosecutors call the largest bank fraud in global history.
The 68-year-old faces a narrow path to survival, as Vietnamese law allows a death sentence to be commuted to life imprisonment if the convict repays 75% of the embezzled amount. For Truong, this means raising KES 1.32 trillion (9 billion USD).
In April, the court found Truong guilty of secretly controlling Saigon Commercial Bank (SCB), Vietnam’s fifth-largest lender, over more than a decade.
Prosecutors revealed she had siphoned off Ksh3.96 trillion (27 billion USD) and embezzled KES 1.76 trillion (12 billion USD) through a network of shell companies.
Truong, chairwoman of the real estate giant Van Thinh Phat Group at the time of her conviction, became one of the few women in Vietnam sentenced to death for a white-collar crime.
During her initial trial, Truong maintained a defiant stance but appeared remorseful in her recent appeal, acknowledging the significant harm her actions caused to the state. Despite her plea for leniency, the court upheld the sentence.
A race against time
Truong has expressed her intent to repay the stolen funds and is working urgently to raise the KES 1.32 trillion required to save her life. However, liquidating her extensive assets has proven challenging.
The state has frozen over 1,000 of her properties and holdings, including luxury real estate in Ho Chi Minh City and stakes in various businesses. Her lawyers argue that these assets exceed the required amount but cannot be sold quickly enough.
Lawyer Nguyen Huy Thiep contended that a life sentence would allow her to negotiate better deals for her assets.
“The total value of her holdings exceeds the required compensation amount,” he said. “However, many are in real estate and take time to liquidate. Truong My Lan hopes the court can provide conditions favorable for her to continue making compensation.”
Anti-corruption campaign
Truong’s conviction is a landmark in Vietnam’s “Blazing Furnaces” anti-corruption campaign, spearheaded by former Communist Party Secretary-General Nguyen Phu Trong.
The scandal saw 85 others convicted, with sentences ranging from three years suspended to life imprisonment.
The Vietnamese government has spent billions recapitalizing SCB to prevent a financial crisis. Prosecutors described Truong’s crimes as “unprecedented” and argued against any leniency.
The clock ticks
Vietnam, one of the world’s leading executioners, treats the death penalty as a state secret. While prisoners often face lengthy waits before execution, Truong’s time is running out.
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