Breaking News
July 22, 2025 - David de Gea Reflects on Failed Real Madrid Move and Career Journey July 22, 2025 - Chelsea Monitoring Alejandro Garnacho; Manchester United Lowers Valuation July 22, 2025 - Man United and Man City Battle for Sporting CP Captain Hjulmand July 22, 2025 - Real Madrid's Challenge: Replacing Injured Star Jude Bellingham July 22, 2025 - Bryan Mbeumo Fulfilling Dream with Manchester United Move July 22, 2025 - Keylor Navas Signs 1-Year Deal with Liga MX Club Pumas from Newell's July 22, 2025 - Liverpool's Strategic Move: Signing Hugo Ekitike to Bolster Forward Line July 21, 2025 - Italy 'Confident' They Can Defeat Reigning Champions England in Euro 2025 Semifinal July 21, 2025 - Manchester City Considering James Trafford Move Amid Éderson Uncertainty July 21, 2025 - Philadelphia Union Leads MLS Power Rankings, Miami Drops to Second Place
  • HotRecentNews.com
  • World
  • Politics
  • Sports
  • Entertainment
  • Science
  • Technology
  • Health
HotRecentNews.com
Menu
  • World

  • Politics

  • Sports

  • Entertainment

  • Science

  • Technology

  • Health

Home / World / Vietnamese Court Upholds Death Sentence for Real Estate Tycoon Truong My Lan

Vietnamese Court Upholds Death Sentence for Real Estate Tycoon Truong My Lan

Vietnamese Court Upholds Death Sentence for Real Estate Tycoon Truong My Lan
No Comments 28
Facebook X
World December 3, 2024 10:00

vietnam - A court in Vietnam has rejected the appeal in the fraud case of real estate tycoon Truong My Lan, leaving tens of thousands of people losing their savings.

A court in Vietnam has upheld the death sentence for 68-year-old real estate tycoon Truong My Lan after rejecting her appeal in a massive fraud case. Lan still has a chance to escape the death penalty by returning three-quarters of the stolen assets, which could reduce her sentence to life imprisonment.

In her initial trial in April, Lan was found guilty of embezzling $12.5 billion and illegally controlling the Saigon Commercial Bank (SCB), one of the country's largest private banks. However, prosecutors claim that the total damage caused by the scam amounts to $27 billion, equivalent to about six percent of Vietnam's GDP in 2023. Many individuals who had invested their savings in SCB lost everything, leading to rare protests in the communist country.

Lan, the founder of the real estate group Van Thinh Phat, suggested liquidating SCB and selling their assets to repay the state bank of Vietnam as the quickest way to return the stolen money. She expressed feeling tormented by the misuse of national resources and shame for being accused of the crime.

Lan instructed subordinates to buy off accountants of the state bank to cover her tracks, with reports indicating that the bank's chief inspector received $5.2 million in bribes, while the deputy head inspector received $300,000. Despite officially owning only five percent of SCB shares, the court determined that Lan controlled 91.5 percent through family, friends, and employees. Her assets include a shopping center, a port, and luxury residential complexes in Ho Chi Minh City.

Lan is among the prominent businessmen detained in Vietnam's extensive anti-corruption campaign known as 'Blazing Furnace,' which has also led to the arrest of government officials, police, and military personnel. Forty-seven other defendants have sought reduced sentences on appeal, citing Lan's mitigating circumstances of admitting guilt, showing remorse, and returning part of the embezzled funds, which prosecutors deemed insufficient.

NEW TikTok Removes #SkinnyTok Worldwide After Pressure from Brussels and Paris

Leave a comment Cancel

reload

Trending Now

  • Today
  • Yesterday
  • Month
  • Comments
  • 1

    England's Late Show Stuns Italy in Euro 2025 Semifinals

    July 23, 2025
  • 2

    Morocco Beats Ghana in WAFCON Semifinal, Advances to Final Against Nigeria

    July 23, 2025
  • 1

    Barcelona's Star Midfield Trio Shines for Spain at Euro 2025

    July 22, 2025
  • 2

    Arsenal's Cristhian Mosquera Joins Preseason Tour in Singapore After Deal with Valencia

    July 22, 2025
  • 3

    Leeds United Sign German Midfielder Anton Stach from TSG Hoffenheim

    July 22, 2025
  • 4

    Germany's Ann-Katrin Berger Shines as Euro 2025 Semifinal Looms

    July 22, 2025
  • 5

    Al Hilal Interested in Newcastle's Alexander Isak, Source Reveals

    July 22, 2025
  • 1

    Concacaf Gold Cup: USMNT vs. Haiti Live Updates at AT&T Stadium

    June 23, 2025
  • 2

    Arsenal Balk at Sesko's Wage Demands, Transfer Rumors Swirl

    June 23, 2025
  • 3

    Low Attendance Plagues Club World Cup and Gold Cup in Summer Soccer Season

    June 23, 2025
  • 4

    Sunderland Interested in Sassuolo Winger Armand Laurienté

    June 24, 2025
  • 5

    Club World Cup Group Stage Review: Highlights, Predictions, Top Performances

    June 27, 2025
Hot Recent News
The HOTRECENTNEWS.com is not responsible for the content of external sites.

SEARCH

  • World News

Back to Top