In a landmark decision, a Vietnamese court has commuted the death sentence of real estate mogul Truong My Lan to life imprisonment. Previously sentenced to death in April, the 67-year-old chairwoman of Van Thinh Phat Holdings Group was found guilty of financial fraud, money laundering, and illegal cross-border money transfers, according to the state-run Tuoi Tre newspaper.
Lan admitted to many of her charges but denied involvement in directing bond issuances, the court noted. Her case is part of Vietnam's largest-ever financial fraud scandal, involving $12.5 billion, which accounts for nearly three percent of the country's 2022 GDP. Additionally, Lan was convicted for illegally controlling the Saigon Commercial Bank, facilitating loans that led to $27 billion in losses.
The second trial also saw 33 other individuals, including Lan’s husband and niece, receive sentences ranging from two to 23 years in prison. This sweeping verdict highlights Vietnam's rigorous efforts to combat financial misconduct and uphold economic integrity.
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Vietnam's death-row tycoon Truong My Lan given life in prison
cgtn.com
