Vietnam tycoon Truong My Lan appeals life sentence

HANOI: A Vietnamese property tycoon, Truong My Lan, will start her appeal next week in a case linked to money laundering. This comes three months after she lost an appeal for the death penalty in a different case. In April 2024, Lan was sentenced to death for fraud involving the Saigon Commercial Bank (SCB). She was found guilty of swindling $27 billion. The court allowed her to appeal but stated she could avoid the death penalty if she returned 75% of the stolen assets. Now, Lan is appealing a life sentence handed down in October for three other crimes. Her appeal is set to run from Tuesday until April 21. She will be represented by eight lawyers during this time. At 68 years old, Lan was found guilty of laundering $17.7 billion and illegally trafficking $4.5 billion across borders. She also faced charges of bond fraud totaling $1.2 billion. In her first trial, prosecutors noted she embezzled $12.5 billion, but the total damages due to her actions reached about $27 billion, affecting 6% of Vietnam's GDP in 2023. Despite holding only 5% of shares in SCB, the court concluded she controlled over 90% through connections. This scandal has led to widespread financial loss for many investors, resulting in rare protests in Vietnam.