Vietnam court upholds death sentence for tycoon in $12 billion fraud case

Update Vietnam court upholds death sentence for tycoon in $12 billion fraud case
Property developer Truong My Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have cooperated sufficiently with authorities. (AFP)
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Updated 03 December 2024

Vietnam court upholds death sentence for tycoon in $12 billion fraud case

Vietnam court upholds death sentence for tycoon in $12 billion fraud case
  • Property developer Truong My Lan was convicted earlier this year of embezzling money and condemned to die for fraud totaling $27 billion

HANOI: A court in Vietnam on Tuesday upheld a death sentence for real estate tycoon Truong My Lan after rejecting her appeal against a conviction for embezzlement and bribery, state media reported.

Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was sentenced to death in April for her role in a financial fraud worth more than $12 billion, Vietnam’s biggest on record.

She was convicted earlier this year of embezzling money from Saigon Commercial Bank (SCB) — which prosecutors said she controlled — and condemned to die for fraud totaling $27 billion.

In her official handwritten appeal of more than five pages seen by AFP, Lan said the death sentence was “too severe and harsh,” asking the court to consider a more “lenient and humane approach.”

On Tuesday, Lan sat in the front row of the courtroom, waiting to hear if her life would be spared. Next to her was her husband, who is appealing a nine-year sentence for violating banking regulations.

The month-long appeal was attended by more 100 lawyers, according to state media.

Tens of thousands of people who invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims.

According to Vietnamese law, Lan could escape the death penalty if she proactively returns three-quarters of the embezzled assets and is judged to have cooperated sufficiently with authorities.

But prosecutors have argued she has not met the conditions, and emphasized her crime’s consequences were “huge and without precedent.”

Lan, who founded real estate development group Van Thinh Phat, told the court in Ho Chi Minh City “the quickest way” to repay the stolen funds would be “to liquidate SCB, and sell our assets to repay SBV (State Bank of Vietnam) and the people.”

“I feel pained due to the waste of national resources,” Lan said last week, adding she felt “very embarrassed to be charged with this crime.”

Lan owned just five percent of shares in SCB on paper, but at her trial, the court concluded that she effectively controlled more than 90 percent through family, friends and staff.

The State Bank said in April that it pumped funds into SCB to stabilize it, without revealing how much.

Among the assets that Lan and Van Thinh Phat own are a shopping mall, a harbor and luxurious housing complexes in business hub Ho Chi Minh City.

During her first trial in April, Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion — equivalent to around six percent of the country’s 2023 GDP.

Lan and dozens of defendants, including senior central bank officials were arrested as part of a national corruption crackdown dubbed the “burning furnace” that has swept up numerous officials and members of Vietnam’s business elite.

A total of 47 other defendants have requested reduced sentences at the appeal.

Last month, Lan was convicted of money laundering and jailed for life in a separate case.


World leaders to rally climate fight ahead of Amazon summit

World leaders to rally climate fight ahead of Amazon summit
Updated 06 November 2025

World leaders to rally climate fight ahead of Amazon summit

World leaders to rally climate fight ahead of Amazon summit
  • About 50 heads of state are expected in the rainforest city of Belem for a summit ahead of next week's COP30 climate negotiations
  • Almost every nation is participating, but the US is sending nobody, with President Donald Trump having branded climate science a “con job”

BELÉM, Brazil: World leaders meet Thursday in the Brazilian Amazon in an effort to show that climate change remains a top global priority despite broken promises and the United States shunning the gathering.
About 50 heads of state and government are expected in the rainforest city of Belem for a summit on Thursday and Friday ahead of the annual UN Conference of Parties (COP) climate negotiations that open next week.
Almost every nation is participating, but Washington is sending nobody, with President Donald Trump having branded climate science a “con job.”
UK Prime Minister Keir Starmer and French President Emmanuel Macron are expected in Belem but other major economies, including China and India, are sending deputies or climate ministers.
The choice of Belem, a city of 1.4 million people, half of whom live in working-class neighborhoods known as favelas, has been controversial due to its limited infrastructure, with sky-high hotel fees complicating the participation of small delegations and NGOs.
Authorities have invested in new buildings and renovations, but with fewer than 24 hours to go to the leaders’ summit opening, media teams and delegation scouts arrived at the COP venue Wednesday to find building works still very much underway.
Nonetheless, Karol Farias, 34, a makeup artist who came to shop at the newly spruced up Ver-o-Peso market told AFP: “The COP is bringing Belem the recognition it deserves.”

Uphill battle 

Brazil is not seeking to land a big deal at COP30, but rather to send a clear signal in an uncertain time that nations still back the climate fight.
The US absence will linger awkwardly during the summit, as will Brazil’s recent approval of oil drilling near the mouth of the Amazon River.
So, too, will the unanswered call for a wave of ambitious new climate pledges ahead of COP30, and the stark acknowledgement from UN chief Antonio Guterres that the target of limiting global warming to 1.5 degrees Celsius from pre-Industrial levels will be missed.
Host Brazil is also still scrambling to find affordable rooms in Belem for cash-strapped countries.

Brazil's President Luiz Inacio Lula da Silva gestures next to James Marape, prime minister of Papua New Guinea, ahead of the COP 30, in Belem, Brazil, on November 5, 2025. (REUTERS)

The COP30 presidency on Tuesday said it had secured outside funding to provide three free cabins aboard cruise ships for delegations from low-income countries.
Brazil has acknowledged the uphill battle it faces rallying climate action at a time of wars and tariff disputes, tight budgets, and a populist backlash against green policies.
In a sobering reminder of the task at hand, a closely watched vote last month to reduce pollution from global shipping was rejected under intense pressure from the United States.
Leaders gathered in Belem “need to deliver a clear mandate to the COP to be ambitious and to close the gap and to address the issues that are burning,” Greenpeace Brazil executive director Carolina Pasquali told AFP from aboard the organization’s Rainbow Warrior flagship, docked at the city’s port.

 ‘Enough talk’ 

Rather than producing a slew of new commitments, Brazil has cast the summit as an opportunity for accountability.
“Enough talking, now we have to implement what we’ve already discussed,” Brazil’s President Luiz Inacio Lula da Silva said this week.
Brazil is putting diplomatic muscle into pitching a global fund that would reward tropical countries for protecting rainforests.
It has also put a particular emphasis on adaptation, a key demand of countries pushing for more help to build defenses against rising seas and climate disasters.
“This is not a charity, but a necessity,” Evans Njewa, a Malawian diplomat and chair of the Least Developed Countries bloc, told AFP.
These countries want concrete detail on how climate finance can be substantially boosted to $1.3 trillion a year by 2035 — the estimated need in the developing world.
The hosts are also under pressure to marshal a response to the collective failure to limit warming to 1.5C as agreed in the landmark Paris accord a decade ago.
Even if all commitments are enacted in full, global warming is still set to reach 2.5C by century’s end.
“For many of our countries, we won’t be able to adapt our way out of something that overshoots over two degrees,” Ilana Seid, a diplomat from Palau and chair of the Alliance of Small Island States, told AFP in October.
They, among others, want to tackle fossil fuels and push for deeper cuts to greenhouse gas emissions.
Lula said Brazil wants to “propose a roadmap for reducing fossil fuels” but conceded it was a difficult conversation.