Vietnamese Tycoon Faces Death Sentence in Historic Fraud Case

Truong My Lan, a real estate tycoon in Vietnam, has had her death sentence upheld for embezzlement and bribery in a $12 billion fraud case. Despite returning some funds and showing remorse, her appeal was rejected. The case has impacted the financial market and intensified Vietnam's anti-corruption effort.

A Vietnamese court has upheld the death sentence for Truong My Lan, a prominent real estate tycoon, dismissing her appeal in a $12 billion fraud case, according to state media. She was convicted of embezzlement and bribery, marking one of Vietnam's most significant financial scandals.

Despite the possibility of sentence reduction if Lan returns a substantial portion of the stolen funds, her actions have been deemed extraordinarily damaging to the financial market and society, a state prosecution representative noted. This decision accentuates Vietnam's continued crackdown on corruption.

Lan's legal representative cited mitigating factors such as her admission of guilt and partial restitution; however, these were insufficient for the court. Lan’s arrest dramatically impacted the financial sector, triggering a banking crisis that necessitated a $24 billion central bank intervention.

(With inputs from agencies.)