Real estate tycoon appeals death sentence

Trương Mỹ Lan, forrmer chairwoman of Vạn Thịnh Phát Group, at her appeals trial at the HCM City People’s High Court on Monday. — VNA/VNS Photo

HCM CITY — The HCM City People’s High Court on Monday began deliberations regarding property tycoon Trương Mỹ Lan’s appeal against her death penalty verdict rendered at a trial earlier this year for massive fraud.

The court will review the request of the Vạn Thịnh Phát chairwoman for a reduced sentence, as well as the appeals of 47 other defendants, during a three-week session attended by 100 legal representatives.

In her five-page handwritten appeal, Lan said the death sentence imposed upon her was “excessively severe and harsh.”

She urged the court to adopt a more “lenient and humane approach.”

“In pursuit of my passion for business and my aspiration to contribute to society by developing world-class projects for Việt Nam, I have made significant personal sacrifices, affecting both my happiness and that of my family,” stated her appeal.

Lan expressed that she has endured considerable distress due to the pressures of negative public perception.

“Each night, I find myself tormented, questioning why my family and I are subjected to these circumstances,” she wrote.

Lan was sentenced to death in a trial in April for embezzling US$27 billion from Saigon Commercial Bank (SCB), equivalent to 6 per cent of Việt Nam’s GDP in 2023.

Lan also received a life sentence in a separate trial last month for “fraudulent appropriation of assets” through counterfeit bond issuance and illegal cross-border money transfers, among others.

Recent data from authorities showed that at least 42,000 victims, who bought the fake bonds issued by the bank, suffered significant financial losses, shocking the nation and inciting rare protests from affected individuals.

The court mandated that Lan compensate the entire amount of the fraud.

Lan’s husband, Eric Chu, and her niece, Trương Huệ Vân, received sentences of nine and 17 years, respectively, for their roles in abetting her actions.

Đỗ Thị Nhàn, the head banking inspector of the State Bank of Việt Nam, was convicted of accepting bribes totaling $5.2 million from Lan and was sentenced to life imprisonment.

Nguyễn Cao Trí was found guilty of defrauding Lan out of VNĐ1 trillion and received an eight-year prison sentence. He has since returned the full amount. — VNS