By Nakiwala Barbra
Truong My Lan, a 68-year-old property tycoon, has lost her appeal against a death sentence for masterminding what is considered the largest bank fraud in history.
Convicted of embezzling $12 billion from Saigon Commercial Bank through a web of shell companies over a decade, she now faces execution unless she can repay $9 billion—75% of the embezzled amount.
The dramatic case has shocked Vietnam, where women rarely receive the death penalty for white-collar crimes. At her initial trial in April, Truong My Lan was found guilty of orchestrating the misappropriation of $27 billion and embezzling $12 billion, leading to what prosecutors described as “unprecedented crimes.” Despite her appeal, judges upheld the original sentence, arguing that the scale of her actions did not warrant leniency.
Born into a Sino-Vietnamese family in Ho Chi Minh City, Truong My Lan rose from selling cosmetics in a market to chairing Van Thinh Phat Group, a leading real estate firm. Her conviction came during Vietnam’s “Blazing Furnaces” anti-corruption campaign, which also implicated 85 others, including her husband and niece. While some received prison sentences, she and four others were handed the harshest penalties.
Her lawyers argue that the death sentence hinders her ability to liquidate assets and repay the required $9 billion. They claim her total holdings exceed this amount but include real estate and business stakes that require time to sell. Meanwhile, the state has frozen over 1,000 assets linked to her fraud, complicating her efforts to raise funds.
Prosecutors maintain that her crimes caused significant damage to Vietnam’s financial system, forcing the state to inject billions to stabilize Saigon Commercial Bank and prevent broader economic fallout. They argue that her actions were “without precedent” and justify the harsh penalty.
As time runs out, Truong My Lan is seeking to negotiate asset sales and secure loans from associates to meet the repayment target. In Vietnam, execution dates are not publicly disclosed, adding urgency to her efforts to avoid one of the world’s harshest death penalty systems. For now, she remains locked in a desperate race to save her life.
