To Avoid Capital Punishment, Three-Quarters of Property Must Be Returned
A real estate tycoon who was sentenced to death for embezzling 3% of the country's Gross Domestic Product (GDP) has pleaded for leniency. Local prosecutors maintain that the harshest penalty is unavoidable.
On the 27th (local time), Vietnamese media 'VN Express' and others reported that Truong My Lan (68), chairwoman of Ban Thit Pat Holdings, who was indicted on charges including embezzlement, appealed during the hearing, saying, "The only thought I have is how to repay the debt I owe to the people," and pleaded, "I will sell assets to repay the debt, so please reduce my sentence."
Chairman Truong My Lan of Banthipat Holdings, sentenced to death on charges of embezzling an amount equivalent to 3% of Vietnam's Gross Domestic Product (GDP). Photo by AFP Yonhap News
Ban Thit Pat Holdings is a Vietnamese real estate development company, and Chairwoman Lan is accused of conspiring with associates over more than 10 years from 2012 to 2022 to embezzle 304 trillion dong (approximately 16.72 trillion KRW) from its affiliated bank, Saigon Commercial Bank (SCB). This amount slightly exceeds 3% of Vietnam's 2022 GDP (400 billion USD, about 557 trillion KRW) and is recorded as the largest embezzlement crime in the history of Vietnam and Southeast Asia.
How was Chairwoman Lan able to embezzle such an enormous amount? According to local prosecutors' investigation, she controlled 91.5% of SCB's shares and used 1,000 paper companies to apply for false loans 2,500 times, withdrawing the money. With the embezzled funds, she enjoyed a luxurious lifestyle comparable to that of a billionaire.
Considering the loan interest, the total embezzlement damage caused by Lan amounts to 677 trillion dong (approximately 37.1 trillion KRW), more than double the principal amount. The first trial court, considering the severity of the crime, sentenced her to death in April.
During further investigations, it was revealed that she illegally issued bonds worth 30 trillion dong (about 1.65 trillion KRW), sold them to over 35,800 investors, and even engaged in illegal money laundering, leading to an additional life sentence. Lan appealed, claiming that the sentence imposed on her was excessive.
There is a possibility that Lan could receive a reduced sentence. According to the media, under Vietnamese criminal law, a convict sentenced to death for embezzlement and bribery can have the death penalty reduced to life imprisonment if they actively return more than three-quarters of their assets to the state and fully cooperate with the authorities' investigation. This is known as the 'atonement effort.'
However, local prosecutors maintain a tough stance against Chairwoman Lan. The prosecution condemned, "The amount embezzled in this case is unprecedentedly large in Vietnam's history," adding, "It is unknown when the damage will be overcome, and the conditions for sentence reduction (such as asset return) have not yet been met."
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