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Vietnamese tycoon loses death penalty appeal for world's biggest bank fraud

2024-12-03 07:11:00, Kosova & Bota CNA

Vietnamese tycoon loses death penalty appeal for world's biggest bank fraud

Vietnamese tycoon Truong My Lan has lost her appeal against her death sentence for masterminding the world's biggest bank fraud.

The 68-year-old is now in a race for her life because the law in Vietnam says that if she can pay back 75% of what she took, her sentence will be commuted to life imprisonment.

In April, the trial court found that Truong My Lan had secretly controlled Saigon Commercial Bank, the country's fifth-largest lender, and obtained loans and money for more than 10 years through a network of shell companies, totaling of $44 billion (£34.5 billion).

Of that, prosecutors say, $27 billion was embezzled and $12 billion was deemed embezzled, the most serious financial crime for which she was sentenced to death.

It was a rare and shocking verdict, she is one of the few women in Vietnam to be sentenced to death for such a crime.

On Tuesday, the court said there was no basis to reduce Truong My Lan's death sentence. However, she can still avoid execution if she pays back $9 billion, three-quarters of the $12 billion she embezzled. It is not her final appeal and she can still petition the president for amnesty.

During her trial, Truong My Lan was sometimes defiant, but in the final hearings of her appeal against the conviction she was more remorseful.

She said she felt ashamed that she had done such a thing./ CNA





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