6 days ago
Vietnam tycoon, facing death sentence, offers deal for $26bn fraud
Crime
Communist country moves to reduce penalties for financial crimes if compensation paid
Vietnamese tycoon Truong My Lan, who faces the death penalty for embezzlement, may win a reprieve. She is seen here at a trial in Ho Chi Minh City in April 2024. © AP
YUJI NITTA and MAI NGUYEN
HANOI -- Disgraced Vietnamese tycoon Truong My Lan has proposed a restructuring plan for her troubled bank, Saigon Commercial Bank (SCB), aiming to pay back some of the more than 700 trillion dong ($26.8 billion) that she was convicted of stealing from clients.
Lan was sentenced to death and 30 years' imprisonment in two separate trials for a series of financial crimes. Her case is Vietnam's biggest-ever fraud and highlights the country's crackdown on corruption.
