Tycoon in the death wing due to $ 12 billion was losing a calling

Tycoon in the death wing due to $ 12 billion was losing a calling

In Vietnam, the death sentence against the real estate magnatin Truong My Lan was confirmed on Tuesday after her appeal against a judgment for embezzlement and bribery in a top -class fraud of $ 12 billion was rejected, reported state media. Lan, chair of the real estate developer company van Thinh Phat Holdings Group, was convicted in April for her role in the largest financial fraud in Vietnam.

renewed confirmation of death sentence

The high folk court in the South Vietnamese City of Ho-Chi-Minh city found that there was no basis for a reduction in Lan's death penalty, the online newspaper Vnexpress reported. Should Lan be able to repay three quarters of the misappropriated money during her time, it could be possible that the judgment will be converted into a lifelong imprisonment.

measures against corruption in Vietnam

Truong My Lan is one of the best-known managing directors and state officials who were detained as part of the extensive anti-corruption campaign of the Communist Land, known as the "Blazing Furnace". The public prosecutor said during the appeal hearing with the words: "The consequences that LAN caused are unprecedented in the history of case law, and the amount of misappropriated money is enormous and not to be regulated."

different legal steps and reactions

LAN is said to have brought up several mitigating circumstances, including the "admission of guilt, showing remorse and partial repayment of the misappropriated amount". However, the public prosecutor's office found that these circumstances were not sufficient. According to reports from Reuters, contact has not yet been made with Lan's lawyers.

consequences of your arrest for the financial sector

LANS arrest in 2022 led to a massive deduction of deposits at one of the largest private banks in the country, the Saigon Joint Stock Commercial Bank (SCB), which is at the center of the fraud and was largely owned by LAN by her deputy. Documents that were checked by Reuters showed that the Vietnamese central bank had pumped $ 24 billion into SCB in "Special loans" by April, which was considered "without example" in history.

additional convictions and punishments

In addition to the death penalty, LAN was sentenced to lifelong imprisonment in a separate procedure in October after it was guilty of obtaining property by fraud, operating money laundering and having made illegal cross -border money transfers.