V
ietnamese real estate tycoon Truong My Lan's appeal was rejected by the People's High Court of Ho Chi Minh City, upholding her death sentence for embezzlement and bribery. The decision was made public on Tuesday, according to state media.
Lan, chairperson of Van Thinh Phat, a prominent real estate firm, was convicted in April of financial fraud that led to Saigon Joint Stock Commercial Bank losing approximately $44 billion over a decade. She was specifically found guilty of embezzling $12.5 billion and misappropriating the remaining $27 billion.
The 68-year-old tycoon had appealed her conviction but judges ruled out any mitigating factors, stating she would only be eligible for a reduced sentence to life imprisonment if she returns three-fourths of the embezzled funds. The high-profile trial involved 84 defendants, including Lan's husband Eric Chu Nap-kee.
Lan's case is Vietnam's largest-ever financial fraud case, with prosecutors alleging that her actions caused significant losses at Saigon Joint Stock Commercial Bank.
