Vietnamese property tycoon Truong My Lan, sentenced to death for masterminding a $44 billion bank fraud, has lost her appeal. She is now racing against time to raise $9 billion to avoid execution.
Truong My Lan, once the chairwoman of Van Thinh Phat Group, was convicted for secretly controlling Saigon Commercial Bank and embezzling $12 billion. The court ruled there was no basis to reduce her death sentence, but she could avoid execution by repaying 75% of the stolen amount.
Her assets, including luxury properties and business stakes, have been frozen, and she is struggling to sell them quickly enough. Her lawyers argue that a life sentence would allow more time to secure the funds.
Truong My Lan, who began her career as a market vendor, could still petition for presidential amnesty, but she must raise the funds swiftly to save her life.
