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Life sentence for Vietnamese tycoon already facing death penalty
October 17, 2024
Article Body Text<p><span style="font-weight: 400;">Businesswoman Truong My Lan was sentenced to life in prison on Thursday in relation to a multi-billion-dollar fraud for which she already faces the death penalty, Vietnamese media reported.</span></p> <p></p> <p><span style="font-weight: 400;">The Chairwoman of property developer Van Thinh Phat appeared at Ho Chi Minh City People’s Court to hear the verdict after a month-long trial.</span></p> <p></p> <p><span style="font-weight: 400;">Lan, 68, was found guilty of fraud, money laundering and cross-border currency trafficking.</span></p> <p></p> <p><span style="font-weight: 400;">In April, Lan was sentenced to death for embezzling US$12.5 billion, and a total of 40 years for bribery and violating bank regulations. The court ordered her to repay $27 billion in loans to companies in the Van Thinh Phat group from Siam Commercial Bank, or SCB, in which she holds a 91% stake.</span></p> <p></p> <p><span style="font-weight: 400;">Lan’s lawyers said she planned to appeal the death sentence, although a date has not been announced.</span></p> <hr/> <p><b>RELATED STORIES</b></p> <p><a href="https://www.rfa.org/english/news/vietnam/lan-death-sentence-04112024055523.html"><span style="font-weight: 400;">Van Thinh Phat chairwoman sentenced to death in Vietnam’s biggest fraud trial</span></a></p> <p><a href="https://www.rfa.org/english/news/vietnam/scandal-04162024131456.html"><span style="font-weight: 400;">Van Thinh Phat case tests investor confidence in Vietnam</span></a></p> <p><a href="https://www.rfa.org/english/news/vietnam/death-penalty-manh-09192024215945.html"><span style="font-weight: 400;">One year after inmate’s execution Vietnam continues sentencing people to death</span></a></p> <hr/> <p><span style="font-weight: 400;">On Thursday Lan was sentenced to life for fraudulent property appropriation, 12 years for laundering more than $18 billion, and eight years for illegally transferring $1.5 billion out of the country and receiving $3 billion from abroad, according to Vietnamese daily the </span><a href="https://tuoitre.vn/ba-truong-my-lan-nhan-them-an-chung-than-20241017095629743.htm"><i><span style="font-weight: 400;">Tuoi Tre</span></i></a><span style="font-weight: 400;">.</span></p> <p></p> <p><span style="font-weight: 400;">During the trial of Lan and 33 other defendants, including her husband Eric Chu, the court heard that the Van Thinh Phat chairwoman told senior staff at the property company, SCB and Tan Viet Securities to issue more than 300 million bonds, allowing her to appropriate $1.2 billion from nearly 36,000 investors.</span></p> <p></p> <p><span style="font-weight: 400;">Last Friday, as the trial ended, Lan had been allowed to address the court, appealing for clemency.</span></p> <p></p> <p><span style="font-weight: 400;">“Standing here today is a price too expensive for me to pay. I consider this my destiny and a career accident,” Lan said, according to the </span><a href="https://e.vnexpress.net/news/business/companies/too-expensive-a-price-truong-my-lan-says-in-tears-in-final-court-statement-4803027.html"><span style="font-weight: 400;">VNExpress</span></a><span style="font-weight: 400;"> news site.</span></p> <p></p> <p><span style="font-weight: 400;">“For the rest of my life, I will never forget that my actions have affected tens of thousands of families.”</span></p> <p></p> <p><b><i>Edited by Taejun Kang.</i></b></p>
Content TypeText
LanguageEnglish
NewsML Media TopicsArts, Culture, Entertainment and Media
Subtitles / Dubbing AvailableNo
RightsSTR/AFP
NetworkVOA
Embargo DateOctober 17, 2024 06:51 EDT
BylineBy Mike Firn for RFA
Brand / Language ServiceVoice of America - English
