Vietnamese government or court announcements

Vietnamese tycoon must repay $9bn or face execution after losing fraud appeal

Dec 3, 2024, 12:07 PM

Vietnamese property tycoon Truong My Lan, 68, has lost her appeal against the death sentence for masterminding the country's largest-ever fraud scandal, involving embezzlement and bribery charges. Convicted of embezzling $12 billion—about 3% of Vietnam's GDP—she also orchestrated a $1.2 billion bond fraud that affected thousands of investors. The Supreme People's Court of Ho Chi Minh City upheld the death sentence but stated that her life could be spared if she repays 75% of the embezzled assets, amounting to $9 billion.