Vietnamese property tycoon Truong My Lan, 68, has lost her appeal against the death sentence imposed in April 2024 for orchestrating what prosecutors have called the world’s largest bank fraud.
On December 3, the Ho Chi Minh City court upheld her sentence, ruling there was “no basis” for leniency.
Lan was convicted on April 11, 2024, of embezzling $12 billion and defrauding Saigon Commercial Bank (SCB). The total damages from the scheme were estimated at $27 billion—equivalent to 6% of Vietnam’s 2023 GDP.
Prosecutors revealed she secretly controlled more than 90% of SCB through a network of shell companies, family members, and associates, siphoning funds over more than a decade.
Under Vietnamese law, Lan can commute her death sentence to life imprisonment if she repays $9 billion—three-quarters of the embezzled amount. Her lawyer, Nguyen Huy Thiep, noted on December 2, 2024, that “the total value of her holdings exceeds the required compensation amount, but liquidating real estate and assets takes time.”
Frozen assets and a slow real estate market have complicated efforts to sell the 600 properties Lan has handed to authorities. Her portfolio includes luxury housing, shopping malls, and Ho Chi Minh City commercial properties.
Her husband, Hong Kong billionaire Eric Chu Nap Kee, also implicated in the case, had his sentence reduced from nine years to seven years during the December 3 appeal process.
The fraud, exposed during Vietnam’s “Blazing Furnace” anti-corruption campaign led by then-Secretary General Nguyen Phu Trong, led to the conviction of 85 individuals in April 2024.
SCB required billions of dollars in recapitalization from the State Bank of Vietnam to stabilize its operations. The scandal shocked Vietnam, sparking protests from depositors who lost their savings.
During her December 2024 appeal, Lan expressed remorse. “I am embarrassed to be a drain on state resources and only want to repay what I owe,” she said.
Lan can still petition Vietnam’s president for amnesty, her last legal option.
Execution by lethal injection is not immediate, as death row delays in Vietnam often last years.
Nonerheless, Lan faces immense pressure to recover the $9 billion to save her life.
