A Vietnamese real estate tycoon has been given an ultimatum after committing what prosecutors have called the nation's largest financial fraud; pay $9 billion, or die.
Truong My Lan, 68, chairwoman of the Van Thinh Phat Group, orchestrated a decade-long scheme from 2012 to 2022, fraudulently withdrawing $27 billion from Saigon Commercial Bank (SCB) through shell companies and fake loans, BBC reported.
Despite denying the crime, Lan was convicted in April 2023 as part of Vietnam's "Blazing Furnace" anti-corruption campaign. Her crimes resulted in massive instability, with the State Bank of Vietnam injecting $24 billion to stabilize SCB.
On November 21, 2023, Lan's sentence was upheld despite pleading for leniency during her appeal. She faces execution for embezzling $12 billion.
Lan's life could be spared if she repays $9 billion—three-quarters of the embezzled amount—before the execution is carried out.
If Lan succeeds in repaying the required billions, she could have her sentence commuted to life imprisonment, allowing her to spend her remaining years in custody.
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