Wednesday, May 28, 2025
  • Business
  • Investing
  • World-news
  • Stock
No Result
View All Result
Finance Mastery News
Advertisement
  • Business
  • Investing
  • World-news
  • Stock
No Result
View All Result
Finance Mastery News
No Result
View All Result
Home World-news

Tycoon on death row for $12 billion fraud loses appeal in Vietnam court

admin by admin
December 3, 2024
in World-news
0
Tycoon on death row for $12 billion fraud loses appeal in Vietnam court
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

A court in Vietnam on Tuesday upheld a death sentence for real estate tycoon Truong My Lan after rejecting her appeal against a conviction for embezzlement and bribery in a high-profile $12 billion fraud case, state media reported.

Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was sentenced to death in April for her role in Vietnam’s biggest financial fraud case on record.

The High People’s Court in southern Ho Chi Minh City determined there was no basis to reduce Lan’s death sentence, reported online newspaper VnExpress.

If Lan is able to return three-quarters of the money embezzled while on death row, it is possible the sentence could be commuted to life imprisonment, the report said.

She is one of the most famous business executives and state officials jailed in the communist country’s lengthy anti-graft campaign known as “Blazing Furnace.”

“The consequences Lan caused are unprecedented in the history of litigation and the amount of money embezzled is unprecedentedly large and unrecoverable,” the prosecution was quoted as saying at the appeal hearing by state-run online newspaper VietnamNet.

“The defendant’s actions have affected many aspects of society, the financial market, the economy,” it said.

State media cited Lan’s lawyer as saying she had many mitigating circumstances, including “having admitted guilt, showing remorse and paying back part of the amount of money embezzled,” but prosecutors said that was insufficient.

Reuters could not immediately reach Lan’s lawyers for comment.

Lan still has the right to request a review under Vietnam’s cassation or retrial procedures.

Lan’s arrest in 2022 sparked a run on one of the country’s largest private banks by deposits, Saigon Joint Stock Commercial Bank (SCB), which was at the center of the fraud and largely owned by Lan through her proxies.

Documents reviewed by Reuters showed Vietnam’s central bank had as of April pumped $24 billion in “special loans” into SCB in an “unprecedented” rescue.

Apart from the death sentence, Lan was handed a life sentence at a separate trial in October after being found guilty of obtaining property by fraud, money laundering and illegal cross-border money transfers.

This post appeared first on cnn.com

Previous Post

Angela Merkel recalls Trump’s ‘fascination with the sheer power’ of strongmen like Putin and Kim

Next Post

French lawmakers push through no-confidence motion that could topple government

admin

admin

Next Post
French lawmakers push through no-confidence motion that could topple government

French lawmakers push through no-confidence motion that could topple government

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    • Trending
    • Comments
    • Latest
    Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target

    Criminals are looting millions from ATMs in Europe. Here’s why Germany is a prime target

    October 28, 2024
    Israeli MP behind bill to expel key UN agency accuses US of interfering with process

    Israeli MP behind bill to expel key UN agency accuses US of interfering with process

    October 28, 2024
    British nurse Lucy Letby loses bid to appeal single attempted murder conviction

    British nurse Lucy Letby loses bid to appeal single attempted murder conviction

    October 25, 2024
    North Korean troops spotted in Russian border region with Ukraine, says Kyiv

    North Korean troops spotted in Russian border region with Ukraine, says Kyiv

    October 25, 2024
    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    0
    Private payroll growth slowed to 122,000 in July, less than expected, ADP says

    Private payroll growth slowed to 122,000 in July, less than expected, ADP says

    0
    The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

    The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

    0
    Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

    Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

    0
    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    May 27, 2025
    Macron’s office dismisses viral video showing apparent shove from wife Brigitte

    Macron’s office dismisses viral video showing apparent shove from wife Brigitte

    May 27, 2025
    ‘Every time, I was sure this was the end’: Former IDF hostage in Gaza says one of her biggest fears was Israeli strikes

    ‘Every time, I was sure this was the end’: Former IDF hostage in Gaza says one of her biggest fears was Israeli strikes

    May 27, 2025
    King Charles to make ‘impactful’ trip to Canada as Trump pushes 51st state claim

    King Charles to make ‘impactful’ trip to Canada as Trump pushes 51st state claim

    May 27, 2025

    Recent News

    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    May 27, 2025
    Macron’s office dismisses viral video showing apparent shove from wife Brigitte

    Macron’s office dismisses viral video showing apparent shove from wife Brigitte

    May 27, 2025
    ‘Every time, I was sure this was the end’: Former IDF hostage in Gaza says one of her biggest fears was Israeli strikes

    ‘Every time, I was sure this was the end’: Former IDF hostage in Gaza says one of her biggest fears was Israeli strikes

    May 27, 2025
    King Charles to make ‘impactful’ trip to Canada as Trump pushes 51st state claim

    King Charles to make ‘impactful’ trip to Canada as Trump pushes 51st state claim

    May 27, 2025

    Disclaimer: financemasterynews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Browse by Category

    • Business
    • Investing
    • Stock
    • World-news

    Recent News

    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    Austrian court quashes ex-Chancellor Kurz’s perjury conviction

    May 27, 2025
    Macron’s office dismisses viral video showing apparent shove from wife Brigitte

    Macron’s office dismisses viral video showing apparent shove from wife Brigitte

    May 27, 2025
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 financemasterynews.com | All Rights Reserved

    No Result
    View All Result

    Copyright © 2025 financemasterynews.com | All Rights Reserved