The death sentence for real estate tycoon Truong My Lan was upheld Tuesday in Vietnam's largest fraud case, the scale of which had raised concerns about the country's economy.
She had been convicted in April of embezzlement and bribery over the fraud amounting to $12.5 billion, nearly 3% of Vietnam’s 2022 GDP. As chairperson of the Van Thinh Phat real estate firm, Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that cost the bank $27 billion in losses.
