Vietnamese tycoon scrambles to raise $9billion to avoid execution
Vietnamese property magnate Truong My Lan, 68, is at the center of a high-stakes legal and financial drama as she awaits the verdict in her appeal against the death sentence imposed for orchestrating one of the world’s largest bank frauds. The decision, expected on Tuesday, could determine whether she lives or dies.
In April, Truong was convicted in a trial court of embezzling $27 billion and misappropriating another $12 billion from Saigon Commercial Bank (SCB), Vietnam’s fifth-largest lender, through an intricate network of shell companies. Prosecutors described the crimes as “unprecedented” in scale, leading to her rare and shocking death sentence for a white-collar crime. However, Vietnamese law offers a potential reprieve: if she can repay 75% of the misappropriated funds—about $9 billion—her sentence could be commuted to life imprisonment.
Truong, a once-powerful figure in Vietnam’s real estate industry, has expressed regret during her appeal hearings. Contrite in contrast to her defiance during the trial, she admitted she was ashamed of the burden her actions placed on the state and declared her intention to repay what she owes. Yet, liquidating her extensive assets—many frozen by the authorities—is proving to be a daunting challenge.
Born into a Sino-Vietnamese family in Ho Chi Minh City, Truong began her career as a cosmetics vendor before rising to prominence in the 1990s, amassing a vast portfolio of hotels, restaurants, and luxury properties. By the time of her conviction, she was chairwoman of Van Thinh Phat Group, a prominent real estate firm. Her downfall marked a dramatic turn in Vietnam’s anti-corruption drive, known as the “Blazing Furnaces” campaign, led by former Communist Party Secretary-General Nguyen Phu Trong.
The trial was a sweeping indictment of corruption, with all 85 co-defendants convicted. Four received life sentences, while others, including Truong’s husband and niece, were handed prison terms ranging from three to 20 years. Meanwhile, the State Bank of Vietnam has spent billions of dollars to stabilize SCB and prevent a banking crisis, underscoring the severity of her crimes.
Truong’s legal team argues she has the means to repay but needs more time and favorable conditions to do so. Her assets, valued above the required amount, include luxury properties in Ho Chi Minh City, shares, and stakes in various businesses. However, liquidating these holdings quickly has proven difficult. Lawyers claim that the death sentence hampers her ability to negotiate optimal prices and are urging judges to commute her sentence to life imprisonment, allowing her to better facilitate repayment.
Human rights groups have criticized Vietnam’s extensive use of the death penalty, noting that it remains a state secret with over 1,000 individuals reportedly on death row. If her appeal fails, Truong will face a race against time to gather the $9 billion required to save her life before execution.
Her lawyers remain hopeful, but many believe the judges will reject her plea for leniency. Should that happen, Truong’s fate will depend entirely on her ability to outpace Vietnam’s opaque execution process, a grim reality for one of the country’s most infamous convicts.