Truong My Lan Loses Appeal in Embezzlement Case

Truong My Lan, a Vietnamese property tycoon, has lost her appeal against the death penalty for masterminding a $27 billion fraud involving the Saigon Commercial Bank (SCB), one of the country's largest lenders. Prosecutors stated that Lan, who effectively controlled over 90% of SCB through a network of shell companies, embezzled $12 billion while causing significant financial harm to tens of thousands of investors. Under Vietnamese law, she could avoid execution by repaying 75% of the embezzled funds, necessitating approximately $9 billion in recovery. Despite her claims of embarrassment and remorse, the court upheld the death sentence, citing the unprecedented scale of her crimes. Lan's case is part of a broader anti-corruption campaign in Vietnam, and she remains one of the few women sentenced to death for a white-collar crime in the country. The State Bank of Vietnam has intervened with substantial financial support to stabilize SCB amid the scandal.