Leading Vietnamese real estate magnate Truong My Lan, who also serves as chair of prominent developer Van Thinh Phat, received a death sentence for her role in an astonishing financial fraud case worth $12.46 billion. Lan was convicted of creating a huge scam involving the Saigon Commercial Bank (SCB), in which she was accused of embezzling money for more than ten years. She is accused of corruption, abuse of power, appropriation, and breaking financial laws.
My Lan’s Huge Scam
My Lan was found guilty of defrauding SCB of $44 billion in loans, which highlights the vastness of the scam. Prosecutors believed that $27 billion was almost unrecoverable, but the court ordered her to give it back. Some others assume that Lan is discouraged from returning some of the embezzled money because of the death penalty’s severity.
The Prosecution’s Call for Capital Punishment
Citing the seriousness of the case in the backdrop of a nationwide campaign against corruption, prosecutors pressed for the death penalty. The court was informed of the alleged $5.2 million bribe that Lan and a few SCB bankers offered, which was the highest bribe ever documented in Vietnam. Over a thousand properties connected to My Lan were also taken by the prosecution.
Lan disclosed suicidal thoughts in her last court declaration, highlighting the immense burden of the case. Even though Vietnamese law forbids individuals from possessing more than 5% of bank shares, Lan managed to get around the rules by using a number of proxies and shell companies to effectively control over 90% of Saigon Commercial.
Public Reaction and Repercussions
Protests in Hanoi and Ho Chi Minh City were initiated once news of Lan’s detention in October 2022 spread. There were eighty-five other defendants in the trial; they were all found guilty. While others received sentences of varied lengths in prison, four were given life sentences. Lan’s niece and spouse were found guilty as well; they were sentenced to nine and seventeen years in prison, respectively.
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