Death sentence for real estate tycoon Truong My Lan upheld in Vietnam's largest fraud case
Tuesday, 3 December 2024 () The death sentence for real estate tycoon Truong My Lan has been upheld in Vietnam’s largest fraud case, the scale of which had raised concerns about the country’s economy. She had been convicted in April of embezzlement and bribery over the fraud amounting to $12.5 billion, nearly 3% of Vietnam’s 2022 GDP. As chairperson of her real estate firm, Lan illegally controlled a bank and allowed loans that cost it $27 billion in losses. The court Tuesday rejected her appeal against the conviction while adding that her death sentence could be commuted to life if she reimburses three-fourth of the losses. Her arrest was part of an anti-corruption drive that touched the highest echelons of Vietnamese politics.
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Tuesday, 3 December 2024 ()
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