Truong My Lan: From real estate mogul to death row in Vietnam’s largest fraud case

Vietnamese business mogul Truong My Lan, once among the country's wealthiest individuals, has been sentenced to death for embezzling $44 billion from Saigon Commercial Bank. The sum, nearly 10% of Vietnam’s $452 billion GDP, makes it one of the largest banking scandals in global history.

Prosecutors found that $27 billion of the fraud involved irregularities and misuse of power. The court, however, confirmed the embezzlement of $12 billion, leading to Truong’s death sentence in April 2024. Recent appeals for leniency have been rejected, with the judiciary citing no grounds for reducing her sentence.

Under Vietnamese law, Truong could have her sentence commuted to life imprisonment if she returns 75% of the stolen amount. Despite her vast wealth, including luxury properties and commercial assets, her financial resources remain frozen, making repayment nearly impossible.

Vietnam's anti-corruption crackdown has escalated in recent years, with harsh punishments extending to government officials. The case has implicated 47 bank and state officials, including Vietnam’s central bank inspectors. Four co-defendants received life sentences, while others face lengthy prison terms.

Capital punishment is common in Vietnam for crimes ranging from murder to financial corruption. However, executions for white-collar crimes are rare, with the last corruption-related execution occurring in 2013. Most executions are shrouded in secrecy, with families often informed only after they occur.

Truong began her career in cosmetics before rising to prominence in real estate and banking. Her influence allowed her to bypass banking laws, amass 90% of Saigon Commercial Bank’s shares through shell companies, and orchestrate fraudulent loans totaling 93% of the bank's portfolio.

The fate of Vietnam’s most infamous convict now hinges on her ability to repay the stolen funds. Observers are left wondering whether this tycoon will face execution or live out her days in a cell.