Ho Chi Minh City, Vietnam – A high-profile case in Vietnam saw a business executive sentenced to death on Thursday for a multibillion-dollar fraud scheme, highlighting the country’s efforts to combat corruption within its borders. Truong My Lan, a 68-year-old real estate tycoon and chairwoman of Van Thinh Phat Holdings Group, was found guilty of embezzling $12 billion from Saigon Joint Stock Commercial Bank and manipulating the financial system through shell companies.
Alongside the death penalty, Lan also received an additional 20-year sentence for bribery and violating lending regulations. Her husband, Eric Chu, a businessman from Hong Kong, was given a nine-year prison term for his alleged involvement in the scam. This case serves as a significant display of Vietnam’s Communist Party’s commitment to tackling corruption and attracting international investments, particularly as companies shift operations away from China.
While death sentences in Vietnam are more commonly associated with drug-related offenses, the country is known to impose capital punishment for white-collar crimes such as embezzlement. According to Amnesty International, over 100 people were sentenced to death in Vietnam in 2022, with limited transparency surrounding exact figures. The World Coalition Against the Death Penalty notes that embezzlement of government funds as low as $20,000 could result in the death penalty in Vietnam.
The verdict underscores the severity of punishment for financial crimes in Vietnam, where the use of the death penalty extends to a wide range of offenses beyond violent crimes like murder and rape. This case also sheds light on the challenges faced by international companies operating in countries with strict anti-corruption measures, underscoring the importance of due diligence and compliance in such environments.
The sentence handed down to Truong My Lan reflects Vietnam’s ongoing efforts to maintain financial integrity and attract foreign investment while maintaining a tough stance on corruption. As the country continues to navigate its economic growth and global partnerships, cases like these serve as a reminder of the significant consequences individuals may face for engaging in fraudulent activities that undermine the country’s financial system and stability.