A Vietnamese court upheld the death penalty on Tuesday for property mogul Truong My Lan, 68, after she was convicted in a massive fraud case involving billions of dollars.
Lan was found guilty of embezzling funds from the Saigon Commercial Bank (SCB), which prosecutors claim she controlled.
The fraud amounted to $27 billion, making it one of the largest financial scandals in Vietnam’s history.
Despite the court’s decision to maintain the death sentence, there remains a possibility for Lan to avoid execution.
The court ruled that if she repays 75% of the stolen assets, her sentence could be reduced to life imprisonment.
Lan, who founded the Van Thinh Phat real estate group, was sentenced earlier this year after a lengthy investigation into the fraudulent scheme.
During her appeal, she argued that the quickest way to repay the stolen money would be by liquidating SCB and selling off assets to repay the State Bank of Vietnam and the victims.
The case has had a profound impact on the country, with tens of thousands of people losing their savings in the scam, which also sparked rare protests.
Lan, who legally owned only 5% of SCB, was found to have controlled more than 90% of the bank through family and associates.
The State Bank of Vietnam intervened in April to stabilize SCB, though the exact amount of funds injected into the bank was not disclosed.
In addition to the fraud charges, Lan was also convicted of money laundering last month and sentenced to life in prison in a separate trial.
The scandal is part of a broader anti-corruption campaign that has led to the arrest of several officials and business leaders, including senior figures at the central bank.
Lan’s assets include luxury real estate, shopping malls, and housing developments in Ho Chi Minh City, which could potentially be liquidated to help repay the embezzled funds.
The total financial damage from her actions is estimated to be around 6% of Vietnam’s GDP for 2023.
