One of Vietnam’s richest women, Chiong Mi Lan, has lost her appeal in a fraud case that sent her to death. The sentence could be commuted if she can recover at least $9 billion in damages, but her assets remain frozen. About this informs Air Force.
Ho Chi Minh City’s Supreme Court, on appeal, highlighted the massive losses suffered by Saigon Commercial Bank due to Lan’s actions, estimated at $12.3 billion. This was the main reason for refusing to reduce the sentence.
In April 2024, Chiong Mi Lan, 68, was found guilty of embezzlement, bribery and breach of lending regulations, causing total losses of $27 billion. In October of that year, she was also sentenced to life in prison in another fraud case. Her case became part of a large-scale investigation within the anti-corruption campaign “Burning Furnace”, which covered dozens of high-ranking officials and businessmen.
According to Vietnamese law, those sentenced to death for economic crimes can avoid the death penalty if they return at least 75% of the stolen funds. In Lan’s case, this sum is $9 billion, but she has so far failed to raise such funds.
Lan’s defense asked for the death sentence to be commuted to life in prison, arguing that it would make the restitution process easier for her. Lawyers said that to raise $9 billion, Lan would have to sell his assets, which include real estate in Ho Chi Minh City, shares in companies and stakes in construction projects.
