Tycoon facing death penalty has her jail term cut in money laundering case

6 hours ago 3

Vietnam fraud decease sentence: What to cognize

What to cognize astir Vietnamese tycoon sentenced to decease successful fraud case 02:25

A Vietnamese spot tycoon who was jailed for beingness successful a $17 cardinal wealth laundering lawsuit had her condemnation chopped to 30 years connected entreaty connected Monday aft she claimed what happened was "an accident."

Property developer Truong My Lan had already mislaid a situation against the decease punishment successful a abstracted lawsuit successful which she was recovered blameworthy successful April past twelvemonth of stealing wealth from Saigon Commercial Bank (SCB) and fraud amounting to $27 billion.

The entreaty tribunal ruled determination was nary ground to trim her condemnation but said she could inactive flight the decease penalty if she returned three-quarters of the stolen assets. That means she could inactive debar execution if she returns $9 billion, oregon three-quarters of the $12 cardinal she embezzled, the BBC reported.

Four months later, an entreaty tribunal successful Ho Chi Minh City ruled connected Monday that a beingness condemnation she was handed for 3 crimes during a 2nd proceedings successful October would beryllium reduced to 30 years.

"Lan played the large role... (but) we besides instrumentality into information the magnitude of wealth that Lan has spent connected overcoming the consequences," justice Pham Cong Muoi said pursuing discussions during the entreaty astir however her assets whitethorn beryllium utilized to compensate victims of her crimes.

Prosecutors said she had repaid a 4th of the $1.2 cardinal she defrauded from thousands of enslaved investors.

"The full worth of her holdings really exceeds the required compensation amount," lawyer Nguyen Huy Thiep told the BBC earlier her entreaty was rejected. "However, these necessitate clip and effort to sell, arsenic galore of the assets are existent property and instrumentality clip to liquidate. Truong My Lan hopes the tribunal tin make the astir favorable conditions for her to proceed making compensation."

Lan's hubby Chu Lap Co did not appeal, but the judging sheet concluded that his two-year condemnation should beryllium chopped by fractional aft helium paid backmost the $1.2 cardinal helium was recovered to person laundered.

In her last words earlier the tribunal past week, Lan described what happened arsenic "an accident."

"Since being jailed, I person tried my best... to question the champion solutions to (deal with my) projects and properties," she was quoted arsenic saying by authorities media.

"Please admit my effort," she added.

Court determined Lan was "the mastermind"

The 68-year-old was recovered blameworthy successful October of laundering $17.7 cardinal and amerciable cross-border trafficking of $4.5 billion.

She was besides recovered blameworthy of enslaved fraud.

The tribunal determined during the proceedings that Lan was "the mastermind, committed the transgression with blase methods, galore times, causing particularly superior consequences."

During her archetypal proceedings successful April 2024, Lan was recovered blameworthy of embezzling $12.5 cardinal but prosecutors said the damages caused by the scam totaled $27 cardinal -- equivalent to astir six percent of Vietnam's 2023 GDP.

Lan owned conscionable 5 percent of shares successful SCB connected insubstantial but the tribunal concluded that she efficaciously controlled much than 90 percent done family, friends and staff.

Tens of thousands of radical who had invested their savings successful the slope mislaid money, prompting uncommon protests successful the communist nation.

During her trial, Lan was sometimes defiant, but successful the caller hearings for her entreaty against the condemnation she was much contrite, the BBC reported. She said she was ashamed to person been specified a drain connected the state, and that her lone thought was to wage backmost what she had taken.

"I consciousness pained owed to the discarded of nationalist resources," Lan said successful November, adding she felt "very embarrassed to beryllium charged with this crime."