The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

World

Tycoon on death row for $12 billion fraud loses appeal in Vietnam court

by admin December 3, 2024
December 3, 2024
Tycoon on death row for $12 billion fraud loses appeal in Vietnam court

A court in Vietnam on Tuesday upheld a death sentence for real estate tycoon Truong My Lan after rejecting her appeal against a conviction for embezzlement and bribery in a high-profile $12 billion fraud case, state media reported.

Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was sentenced to death in April for her role in Vietnam’s biggest financial fraud case on record.

The High People’s Court in southern Ho Chi Minh City determined there was no basis to reduce Lan’s death sentence, reported online newspaper VnExpress.

If Lan is able to return three-quarters of the money embezzled while on death row, it is possible the sentence could be commuted to life imprisonment, the report said.

She is one of the most famous business executives and state officials jailed in the communist country’s lengthy anti-graft campaign known as “Blazing Furnace.”

“The consequences Lan caused are unprecedented in the history of litigation and the amount of money embezzled is unprecedentedly large and unrecoverable,” the prosecution was quoted as saying at the appeal hearing by state-run online newspaper VietnamNet.

“The defendant’s actions have affected many aspects of society, the financial market, the economy,” it said.

State media cited Lan’s lawyer as saying she had many mitigating circumstances, including “having admitted guilt, showing remorse and paying back part of the amount of money embezzled,” but prosecutors said that was insufficient.

Reuters could not immediately reach Lan’s lawyers for comment.

Lan still has the right to request a review under Vietnam’s cassation or retrial procedures.

Lan’s arrest in 2022 sparked a run on one of the country’s largest private banks by deposits, Saigon Joint Stock Commercial Bank (SCB), which was at the center of the fraud and largely owned by Lan through her proxies.

Documents reviewed by Reuters showed Vietnam’s central bank had as of April pumped $24 billion in “special loans” into SCB in an “unprecedented” rescue.

Apart from the death sentence, Lan was handed a life sentence at a separate trial in October after being found guilty of obtaining property by fraud, money laundering and illegal cross-border money transfers.

This post appeared first on cnn.com

0
FacebookTwitterGoogle +Pinterest
previous post
Angela Merkel recalls Trump’s ‘fascination with the sheer power’ of strongmen like Putin and Kim
next post
Rebel groups have taken Syria’s second-biggest city. Here’s who they are

Related Posts

Trump says the US needs to protect Greenland...

May 6, 2025

Stray dogs are eating the dead in the...

October 17, 2024

Britain set for vote on assisted dying, after...

November 29, 2024

Peru’s former first lady seeks asylum in Brazilian...

April 16, 2025

On the streets of Tehran, guarded hope and...

May 23, 2025

Far-right Israeli ministers urge Netanyahu not to accept...

May 3, 2024

Former top Northern Irish politician Jeffrey Donaldson to...

July 5, 2024

Justin Trudeau is facing a political crisis made...

December 17, 2024

Vacation selfies of a British woman ‘dripping in...

June 26, 2025

Germany opens its doors to Kenyan workers in...

September 14, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,432)
    • Investing (3,523)
    • Politics (4,756)
    • World (4,659)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved