A Vietnamese court upheld the death sentence for property tycoon Truong My Lan, 68, in a massive fraud case, but offered a chance for her to avoid execution if she repays three-quarters of the $12 billion she embezzled.
Lan was convicted earlier this year for swindling Saigon Commercial Bank (SCB), which she allegedly controlled, and sentenced to death for defrauding $27 billion.
Despite her appeal being rejected, the court stated that her sentence could be reduced to life imprisonment if she returns $9 billion.
Lan’s lawyer highlighted that although her assets exceed the required compensation, many of them are real estate properties, which could take time to sell. She now faces the challenge of raising the funds before her execution.
Lan, who founded the Van Thinh Phat real estate group, had earlier suggested that liquidating SCB and selling its assets might be the quickest way to repay the stolen funds.
During her trial and appeal, she expressed remorse, admitting her actions had caused significant harm and stating her goal was to repay what she owed.
Lan’s defense argued that she had already repaid some of the stolen money, turning over 600 family properties to the court, though their value remains unclear.
Lan also faces a life sentence for money laundering in a separate case.
The case has shocked Vietnam, leading to protests from the thousands of SCB investors who lost their savings.
