Truong My Lan, a prominent Vietnamese property tycoon, has initiated an appeal against her life imprisonment sentence for money laundering, following a prior death sentence for a separate fraud conviction.
Lan, 68, was found guilty of laundering $17.7 billion and engaging in illegal cross-border money transfers amounting to $4.5 billion. She was also convicted of bond fraud totaling $1.2 billion. The court identified her as the mastermind behind these sophisticated crimes, which were committed repeatedly and resulted in particularly severe consequences.
The appeal commenced on March 25, 2025, at the Ho Chi Minh City People's Court and is scheduled to continue until April 21. Lan is represented by a team of eight lawyers. During the initial session, she appeared relatively composed, engaging in conversation with police officers as she awaited the proceedings. Her niece, who received a five-year prison term in October for fraudulent appropriation of property, was also present, seated behind Lan and flanked by officers.
Lan's legal troubles are part of Vietnam's extensive anti-corruption campaign, often referred to as the "Blazing Furnace." This initiative has targeted numerous high-profile individuals in both the public and private sectors, aiming to eradicate deep-seated corruption within the country.
In April 2024, Lan was sentenced to death for embezzling $12.5 billion from Saigon Commercial Bank (SCB), where she effectively controlled over 90% of the shares through proxies. This embezzlement led to significant financial losses for tens of thousands of investors, causing public outcry and rare protests in the communist nation.
The court has indicated that Lan could avoid the death penalty if she returns three-quarters of the stolen assets, approximately $9.3 billion. Her legal team has argued that while her assets exceed this amount, liquidating them, particularly real estate holdings, requires time. They have appealed for favorable conditions to facilitate this process.
Truong My Lan's appeal represents a critical juncture in Vietnam's legal and financial landscape. As the proceedings unfold, they will not only determine her personal fate but also serve as a litmus test for the effectiveness and fairness of Vietnam's judicial system amid its aggressive anti-corruption drive. The case continues to garner significant attention both domestically and internationally, highlighting the complexities and challenges inherent in combating high-level financial crimes.