Vietnamese Real Estate Tycoon Truong My Lan’s Appeal Begins

The appeal of Truong My Lan, a Vietnamese real estate tycoon convicted of money laundering, began on Tuesday. The 68-year-old was sentenced to death in April 2024 for embezzling funds from Saigon Commercial Bank (SCB). She was found guilty of orchestrating a $27 billion fraud, one of the largest financial scandals in Vietnam’s history. Lan appealed the death penalty, but the court found no grounds to reduce her sentence. However, it noted that she could escape execution if three-quarters of the stolen assets were returned.

In a separate case in October, Lan was sentenced to life imprisonment for money laundering and other crimes. She is now appealing that verdict. According to state media, the appeal process will continue until April 21, 2025, with eight lawyers representing her defense. Lan has been convicted of laundering $17.7 billion, engaging in $4.5 billion worth of illegal cross-border transactions, and embezzling $1.2 billion.

During Tuesday’s high-profile hearing in Ho Chi Minh City, Lan appeared at ease, conversing with police officers while awaiting the court session. Surrounded by security, her niece was seated behind her; the niece received a five-year prison sentence in October for property fraud. Lan’s husband, Chu Nap Kee, who accepted a two-year sentence for money laundering, was absent from the courtroom for the first time in this case.

The court has labeled Lan the “mastermind,” stating, “She committed crimes repeatedly in a sophisticated manner, leading to particularly severe consequences.” In this case, 33 other defendants were also sentenced by the Ho Chi Minh City court, receiving prison terms ranging from 2 to 23 years. Of them, 27 have appealed their sentences, according to state media.

In her initial trial in April, Lan was found guilty of misappropriating $12.5 billion, though prosecutors claim the total damage from her fraud amounted to $27 billion—equivalent to roughly 6% of Vietnam’s 2023 GDP. Although Lan officially held only a 5% stake in SCB, the court determined she effectively controlled 90% of the bank through family, friends, and employees.

Tens of thousands of depositors who had savings in SCB lost their money due to the fraud, shocking Vietnam’s communist government and sparking rare public protests by affected victims. Lan’s case is considered the country’s largest financial scandal to date.