Vietnamese tycoon Truong My Lan's death sentence downgraded after law abolishment
Truong My Lan was convicted last year of swindling money from Saigon Commercial Bank (SCB) – which prosecutors said she controlled – and sentenced to death for fraud totalling $27 billion.
The amount is six per cent of the country's GDP.
On Wednesday, the country abolished the death penalty for eight crimes including property embezzlement, espionage, graft and attempting to overthrow the government, according to state media.
Death sentences ruled for those convicted of the newly abolished offences before July 1 will be automatically converted to life imprisonment by the chief judge of the Supreme People's Court.
Lan, who appealed the verdict in a month-long trial, was told by the courts in December there was 'no basis' to reduce her sentence.
Now, the 68-year-old's sentence could be reduced to life imprisonment if she returns three quarters of the stolen assets.
Lan's lawyer Giang Hong Thanh said her death penalty 'will be converted to life imprisonment … I informed Lan this morning, she is very happy.'
'If Ms Lan compensates for three quarters of the losses along with some other conditions, she will continue to be considered for a further reduction of her sentence,' Thanh told AFP.
Lan 'is still actively co-operating with state agencies of Vietnam and her partners to find ways to deal with (her) assets and restructure SCB to come to a final solution to the case.'
It is understood Lan only officially owned five per cent of SBC's shares, but controlled over 90 per cent through her family, friends and staff, the courts concluded.
Tens of thousands of people across Vietnam lost their savings and public protests broke out, rare in the communist nation.
In April, in a separate $17bn money laundering case, Lan's sentence to life imprisonment was downgraded to 30 years on appeal.
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