A court upholds the death penalty sentence against real estate tycoon Truong My Lan as she scrambles to repay billions of dollars.
Vietnamese real estate tycoon Truong My Lan has lost an appeal to have her death sentence commuted to life in prison.Vietnamese law says Lan can still have her sentence reduced if she manages to pay back at least 75 per cent of the assets, a sum of more than $US9 billion.
Lan has pledged to pay back the billions of debt owed, but on Tuesday a judge ruled the case carried "extremely serious consequences". One of them — Ho Chi Minh City's Sherwood Residence, complete with swimming pools, fitness centres and a cinema — was Lan's residence up until her arrest. Between 2012 and 2022, she used the bank as her cash cow, approving loans to thousands of "ghost companies" both in Vietnam and internationally.One of those officials has been sentenced to life in prison for taking millions of dollars in bribes.
To Lam's rise to power in Vietnam has been 'spectacular'. Could he be following Xi Jinping's blueprint?Along with Lan, 85 others were sentenced on a range of charges, from bribery to abuse of power, to appropriation, to violations of banking law. "I feel disappointed, it's overwhelming, and it makes me shake all over," Ms Cuc said last month after Lan was ordered by a court to compensate victims.
According to Vietnamese law, she could still be able to escape the death penalty if she returns at least 75 per cent of the assets — a sum of more than $US9 billion.Investigators allege more than $6.8 billion was stolen from the fund and laundered by Najib Razak's associates to finance Hollywood films and extravagant purchases.
Ho Chi Minh City Fraud Saigon Central Bank
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vietnamese tycoon faces scramble to raise billions to avoid death sentenceTruong My Lan must repay three-quarters of $12bn she embezzled from bank in a case that shocked the country
Read more »
Unlicensed driver who pinned eight-year-old boy to car jailed for 10 monthsThe Vietnamese national, who mistook the accelerator for the brake, will walk free in six months after already serving four behind bars.
Read more »
‘Absolute miracle’: Man rescued by fisherman almost 24 hours after falling off cargo shipA Vietnamese man has been rescued by fisherman off the NSW coast after spending almost 24 hours floating at sea.
Read more »
Char siu cauliflower, lemongrass tofu and asparagus stir-fry: Tony Tan’s vegetarian-friendly recipesThe chef and author serves a trio of recipes that borrow from the Cantonese and Vietnamese playbook, with tofu and vegetables receiving the star treatment
Read more »
‘Wrong again’: How the polls again failed to predict Trump’s bold election winThe polls have failed again to reflect how voters would turnout for Donald Trump after the Republican stormed to victory in the 2024 US Presidential Election against Vice President Kamala Harris.
Read more »
Woman accused of cyanide serial killings given death penalty in Thai court7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »