![](https://admin.idealgist.com/images/MixCollage-12-Apr-2024-01-09-PM-4993.jpg)
Fraud: Court Sentences Vietnam Billionaire To Death
One of the largest corruption cases in history resulted in a top Vietnamese property mogul being condemned to death on Thursday, with an estimated $27 billion in damages.
Truong My Lan, the chair of prominent developer Van Thinh Phat, who was found guilty of embezzling money from Saigon Commercial Bank (SCB) for more than ten years, had all of his defence arguments dismissed by a panel of two judges and three hand-selected jurors.
The ruling at the trial in the southern economic centre of Ho Chi Minh City stated, "The defendant's actions... eroded people's trust in the leadership of the (Communist) Party and state."
Following the five-week trial, 85 more people received sentences for offences ranging from appropriation and banking law crimes to bribery and power abuse. While the remaining four received sentences ranging from 20 years to three years suspended in jail, four were sentenced to life in prison.
Hong Kong billionaire Eric Chu Nap Kee, Lan's spouse, received a nine-year prison sentence.
Lan stole $12.5 billion, but on Thursday, the prosecution revealed that the swindle had actually caused damages totaling $27 billion, or 6% of the nation's GDP in 2023.
Lan, 67, was ordered by the court to provide nearly the whole amount of damages as compensation.
Even though the nation leads the world in executions, the death penalty is an exceptionally harsh punishment in this case, according to Amnesty International.
Lan and the others were taken into custody as part of a nationwide campaign against corruption that has recently resulted in the arrest of a large number of officials and prominent businesspeople in Vietnam.
In her farewell statement to the court last Thursday, she seemed to indicate that she was considering suicide.
She reportedly said, "In my desperation, I thought of death," according to state media.
"I am furious that I was foolish enough to enter this extremely competitive industry — the banking sector — about which I know very little."
Protests Following Lan's arrest in October 2022, hundreds of people started holding protests in the capital cities of Hanoi and Ho Chi Minh City—a rather uncommon event in the one-party communist regime.
About 42,000 victims of the fraud, which stunned the nation of Southeast Asia, have been identified by police.
One of them is Nga, a 67-year-old resident of Hanoi who told AFP on Thursday that she had wanted for Lan to receive a life sentence so she might live to see firsthand the suffering that Lan's acts had caused to common people.
Nga, who spoke under a pseudonym to maintain her anonymity, said, "Many people worked hard to deposit money into the bank, but now she's received the death sentence and that's it for her."
"She is unable to witness the suffering of others."
Nga hasn't been able to get her $120,000 back from SCB as of yet.
Lan, who possessed a 90% share in SCB, was charged with fabricating loan applications in order to steal money out of the company.
According to police, all of the scam's victims are SCB bondholders who are unable to access their funds and have not received any principal or interest payments since Lan's apprehension.
During the trial, the prosecution stated that they had taken possession of over a thousand of her possessions.
The biggest bribe ever recorded in Vietnam, according to authorities, was $5.2 million, which was purportedly paid by Lan and a few SCB bankers to state officials in order to hide the bank's infractions and dire financial condition.
Nga invested $120,000 with SCB, but she hasn't been able to get her money back yet.
Lan was charged with creating fictitious loan applications in order to steal money out of SCB, of which she held a 90% ownership.
All SCB bondholders who are unable to withdraw their funds and who have not received interest or principle payments since Lan's arrest are said to be the scam's victims, according to the police.
During the trial, the prosecution claimed to have seized over a thousand of her properties.
Authorities claim that the largest-ever bribe in Vietnamese history was $5.2 million, which was allegedly paid by Lan and a few SCB bankers to state authorities in order to hide the bank's infractions and dire financial condition.
Do Thi Nhan, the former leader of the inspection team of the State Bank of Vietnam, received a life term in jail for accepting bribes. The previous CEO of SCB gave her millions of dollars in Styrofoam boxes, she testified during the trial.
Over 4,400 individuals have been charged as a result of Vietnam's anti-corruption campaign, spanning over 1,700 graft cases, since 2021.
Leading Vietnamese luxury real estate magnate Do Anh Dung, the leader of the Tan Hoang Minh business, was found guilty last month of defrauding thousands of bond buyers out of $355 million. As a result, he was given an eight-year prison sentence.