Hanoi: A prominent Vietnamese property tycoon, convicted in a staggering $27 billion fraud case, has initiated an appeal against her verdict, as reported by state media on Friday.
Truong My Lan, the chair of leading developer Van Thinh Phat, was recently found guilty of orchestrating a decade-long scam that siphoned funds from Saigon Commercial Bank (SCB).
Although Lan was convicted of embezzling $12.5 billion, prosecutors revealed that the total damages incurred by the fraudulent scheme reached a staggering $27 billion, representing a significant portion of Vietnam’s 2023 GDP.
According to Thanh Nien news site, Lan has formally lodged an appeal against both the verdict and the death sentence, which the court in Ho Chi Minh City has duly received.
In her appeal, Lan maintained that while she took risks through the bank, she did not misappropriate its funds.
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Following a comprehensive five-week trial, 85 other individuals were convicted alongside Lan on various charges including bribery, abuse of power, misappropriation, and violations of banking regulations. Among them, four received life imprisonment, while others were handed jail terms ranging from 20 years to three years suspended.
The scope of the scandal has been staggering, with police identifying approximately 42,000 victims, sending shockwaves throughout the Southeast Asian nation.
This case forms part of a broader anti-corruption campaign that has targeted numerous officials and members of Vietnam’s business elite in recent years. The campaign claimed its latest high-profile figure when the head of the National Assembly resigned on Friday, citing “violations and shortcomings”.
Additionally, in a separate development on Thursday, the head of one of Vietnam’s leading soft drinks companies was sentenced to eight years in prison in connection with a $40 million fraud case.
