Vietnamese Tycoon Faces Execution for $12 Billion Fraud Unless $9 Billion Is Repaid

Truong My Lan's appeal against her death sentence was denied, but her life could be spared if she reimburses three-quarters of the embezzled funds.

Truong My Lan, a 68-year-old real estate tycoon, was convicted of embezzling $12 billion and causing $27 billion in total damages through her control of Saigon Commercial Bank (SCB).
Her appeal against the death sentence was rejected by a Vietnamese court, which ruled there were no mitigating circumstances to reduce her penalty.
Under Vietnamese law, her death sentence could be commuted to life imprisonment if she repays $9 billion, or 75% of the stolen funds.
The fraud, which represents nearly 3% of Vietnam's GDP, left tens of thousands of SCB investors without their savings and triggered rare public protests.
The case is part of Vietnam's 'Blazing Furnace' anti-corruption campaign, which has targeted high-profile figures and exposed systemic financial sector weaknesses.