Media reports businessman getting ordered to repay USD11 billion to evade death sentence
Date
12/1/2024 7:08:39 AM
(MENAFN) Truong My Lan, a Vietnamese real estate tycoon, has been given an ultimatum by prosecutors: return $11 billion to avoid being executed by lethal injection. This decision came during her appeal hearing in Ho Chi Minh City, where she had been convicted of embezzling a staggering $12.3 billion from Saigon Commercial bank (SCB). The 68-year-old billionaire, who served as chairwoman of Van Thinh Phat Holdings Group (VTP), was sentenced to death earlier this year for her role in the massive fraud scheme that spanned over 11 years. The charges against her included bribing government officials and violating banking rules to issue fraudulent loans.
Prosecutors argued that Lan’s actions led to "unprecedented" losses, amounting to up to 6% of Vietnam's GDP. According to Vietnamese law, for Lan to receive a lesser sentence, she must return 75% of the embezzled funds. Despite the grave charges, Lan has reportedly recovered over $12.71 billion, which exceeds the prosecution's calculated damages. The defense team has pleaded for leniency, urging the court to reconsider the death sentence.
As part of the effort to repay the stolen funds, Malaysian billionaire Vincent Tan of Berjaya Corporation has agreed to purchase some of Lan's assets, with other international investors also reportedly expressing interest. The final verdict in Lan's appeal case is expected on December 3.
Lan’s trial is part of Vietnam’s broader anti-corruption campaign, launched in 2016 under Communist Party Secretary-General Nguyen Phu Trong. This initiative, dubbed ‘Blazing Furnace,’ has led to the downfall of several prominent political figures, including two former presidents, deputy prime ministers, and thousands of government officials and business executives, all of whom have been jailed, fined, or dismissed for corruption-related offenses.
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