Vietnamese property magnate Truong My Lan (C) observes proceedings at a court in Ho Chi Minh City on October 17, 2024. — AFP

A Vietnamese real estate mogul, sentenced to death for a multi-billion-dollar fraud, pleaded with a court on Tuesday to spare her life, claiming she was committed to repaying the stolen funds. Property developer Truong My Lan, 68, was found guilty earlier this year of embezzling money from Saigon Commercial Bank (SCB), which prosecutors alleged she controlled, and was condemned to death for fraud amounting to $27 billion, marking one of the largest corruption cases in history. She is currently appealing her sentence at a court in Ho Chi Minh City, with a ruling expected in the coming days.

In her closing statements before the court, Lan expressed: "My sole focus is on repaying the debt to the SBV (State Bank of Vietnam) and the people. I do not dwell on the harm to myself and my family." She added, "I am deeply pained by the waste of national resources," and felt "greatly embarrassed to be charged with this crime." Lan implored the court, "Please reconsider and reduce my sentence."

Under Vietnamese law, Lan could avoid the death penalty if she returns three-quarters of the embezzled assets and is deemed to have cooperated sufficiently with authorities. However, prosecutors argued on Monday that she had not met these conditions and highlighted the unprecedented scale of her crime. A key point of contention in court is an assessment of Lan's personal wealth. Lan, the founder of real estate development group Van Thinh Phat, suggested that "the fastest way" to repay the stolen funds would be "to liquidate SCB and sell our assets to repay SBV and the people."

Tens of thousands of individuals who had invested their savings in SCB lost money, causing shockwaves in the communist nation and prompting rare protests from the victims, who demonstrated again on Tuesday outside the State Bank of Vietnam in Hanoi. The State Bank stated in April that it had injected funds into SCB to stabilize it, without disclosing the amount. During her initial trial in April, Lan was convicted of embezzling $12.5 billion, but prosecutors estimated the total damages caused by the scam at $27 billion, equivalent to approximately six percent of the country's 2023 GDP. A total of 47 other defendants have requested reduced sentences in the ongoing appeal, which commenced in early November. Last month, Lan was additionally convicted of money laundering and sentenced to life imprisonment in a separate case.

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