A prominent Vietnamese real estate magnate, Truong My Lan, has been condemned to death for her role in one of the largest corruption scandals in history, implicating an estimated $27 billion in damages.
Lan, who chairs the influential development firm Van Thinh Phat, was found guilty of orchestrating a complex scheme to syphon funds from Saigon Commercial Bank (SCB) over a span of ten years. The verdict, delivered by a panel consisting of three jurors and two judges, dismissed all of the defendant’s defences.
The court’s ruling emphasised the erosion of public trust in the governing Communist Party and state due to Lan’s actions, which spanned over a decade in the bustling southern metropolis of Ho Chi Minh City.
This high-profile trial, lasting five weeks, saw 85 co-conspirators sentenced on various charges, including bribery, abuse of power, and violations of banking regulations. Four individuals received life imprisonment, while others faced sentences ranging from 20 years to suspended terms of three years.
Lan’s husband, the Hong Kong billionaire Eric Chu Nap Kee, received a nine-year prison sentence for his involvement in the scandal.
While Lan was found to have embezzled $12.5 billion, prosecutors revealed that the total damage inflicted by the fraud amounted to a staggering $27 billion, equivalent to six percent of Vietnam’s GDP in 2023. The court ordered Lan, aged 67, to compensate nearly the entire sum.
The imposition of the death penalty in such a corruption case is highly unusual, even in a country with a reputation for stringent legal measures. Amnesty International notes Vietnam’s standing as one of the leading executioners globally.
Lan and her associates were apprehended amid a sweeping anti-corruption campaign that has ensnared numerous government officials and business figures in recent years.
In her final remarks to the court, Lan expressed remorse, admitting to contemplating suicide amidst the turmoil. She lamented her entanglement in the cutthroat world of banking, for which she professed limited expertise and which ultimately led to her downfall.
