In a stunning verdict that has rocked Vietnam, a real estate mogul, Truong My Lan, has been sentenced to death. The punishment comes in the wake of her involvement in a massive scam, dubbed one of the country's greatest instances of corruption. Reports estimate the fraud at a staggering $27 billion.
An unthinkable swindle equating to 6% of the nation's GDP
According to The Guardian, after a five-week trial, property tycoon and prominent developer Truong My Lan received capital punishment. Found guilty of orchestrating a decade-long embezzlement scheme involving the Saigon Commercial Bank (SCB), her actions caused losses that represented 6% of Vietnam's GDP in 2023.
Defense arguments dismissed
During the trial, a panel consisting of three jury members and two judges considered all arguments presented by both prosecutors and the defense. The prosecution maintained that Lan's role in this colossal fraud caused significant detriment to the country. After the five-week hearing, all defense arguments were overruled, leading to the businessman's death sentence. This is seen as part of Vietnam's national campaign against corruption, where death penalties in such cases are exceptionally severe.
42,000 Victims Identified in the Scam
The $27 billion scam was heard in Ho Chi Minh City. The court determined Lan's actions eroded trust in the Communist Party and national leadership. Not only Lan, but 85 other individuals might face charges for bribery and abuse of power, among other banking violations. Approximately 42,000 victims have been identified by the police as affected by the scandal.
From Denial to a Courtroom Confession
Truong My Lan and others were arrested in October 2022 as part of a national anti-corruption drive. Initially, Lan denied the allegations and blamed her subordinates. Recent reports, however, suggest that in her last remarks in court, she expressed suicidal thoughts. Lan remarked, 'In my desperation, I thought of suicide. I am furious that I was naïve enough to get involved in something I knew little about.'
