Why This Billionaire Businesswoman Received the Death Sentence in Vietnam

Vietnamese property tycoon, Truong My Lan, has been sentenced to death for looting $12.5bn.

It is extremely rare to see someone receive the death penalty for a white collar crime in Vietnam. But the extent of Truong My Lan’s financial scam was astounding, inflicting damages worth $20 billion, almost 5% of Vietnam’s GDP.

A court in Ho Chi Minh City ruled that Lan illegally controlled Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022. She siphoned funds from the bank through unlawful loans to shell companies, bribing officials to ignore her activities. 85 defendants were tried alongside Lan in one of the biggest public ‘show trials’ to be held during the Communist era.

The 67-year old started as a market stall vendor but began buying properties after Vietnam’s economic reform, Dow Moi, in 1986. By 2011, Lan rose to become a well-known business woman in Ho Chi Minh City.

She later organised a merger of three small banks into what is now one of the largest joint stock commercial banks in Vietnam: SCB.

If the sentence is carried out, Truong My Lan will be killed by lethal injection. Lan’s lawyers now have 15 days to appeal the court ruling.
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