Court in Vietnam confirms unusual death sentence against real estate chief

Court in Vietnam confirms unusual death sentence against real estate chief

Ho-Chi-Minh-Stadt, Vietnam - In a pioneering judgment, a court in Vietnam confirmed the death sentence against real estate entrepreneur Truong My Lan. The 67-year-old was largely involved in a huge fraud in which she is said to have embezzled more than 11 billion euros. According to information from Today. The court said that the death penalty could be converted into a lifelong prison sentence if LAN is able to reimburse three quarters of the financial losses. This would be a sum of around 10.5 billion euros.

Truong My Lan's defense argued that she had already repaid part of the funds. However, the court rejected this reasoning because there is a legal problem with some of its confiscated real estate and the value of these assets cannot be assessed exactly. Her case has attracted great attention since his arrest in October 2022, especially because of the shocking dimension of the alleged fraud. According to n-tv.de Vietnamese financial market because the public prosecutor estimates the total damage up to 25 billion euros.

The dimension of fraud

As CEO of the van Thinh Phat Holdings Group, Truong My Lan is held responsible for embezzlement, bribery and violation of banking regulations. Between 2018 and 2022, you and your accomplices are said to have convey illegal loans to mailbox companies, which ultimately led to the Saigon Joint Stock Commercial Bank. The court rejected the appeal and mitigating circumstances and justified this by the fact that its offenses had serious effects on society, financial markets and the economy of Vietnam. The Vietnamese government has been intensifying its efforts in the fight against corruption for several years, and this spectacular case is a clear indication of the efficiency of the authorities in this regard.