Hanoi: Vietnamese tycoon Truong My Lan has lost her appeal against the death sentence handed down in April for masterminding the country's largest ever fraud scandal.
The judge said that the total loss from the case is "huge with extremely serious consequences" and there is "no basis to reduce the penalty," during the hearing at the High People's Court in Ho Chi Minh City.
Under Vietnamese law, Lan can still have her death sentence commuted if she returns at least three-quarters of the total embezzled assets, and cooperates with authorities. Another avenue open to her would be a petition for a pardon from President Luong Cuong.
Prosecutors had told the former chairwoman of Van Thinh Phat Group she must repay an estimated $11 billion for her to avoid the death penalty. Her lawyers said multiple investments and loans are being negotiated to clear her debts, but it's unclear how much of this is tied to properties that can be sold or assets that have been frozen by the authorities.
By law, Lan's death sentence would be commuted to life in prison if she turns 75 before the execution is carried out.
The real estate mogul's downfall has captured global attention due to the severity of the sentence and complexity of the case. She has become emblematic of the ruling Communist Party's crack down on corruption, showcasing the kind of high-level networks it wants to go after and make an example of.
Lan was convicted in April of embezzling $12.3 billion from Saigon Commercial Bank. She was also found guilty of bribing government officials and violating bank lending rules. Prosecutors said the total damages caused by the fraud amounted to roughly $27 billion.
Lan received an additional life sentence after a second trial in October on charges including money laundering and bond fraud. Thousands of bondholders saw their investments all but wiped out. Some turned up at court to demand justice and their money be repaid.
The government's anti-corruption crackdown, known as the "blazing furnace" campaign, has escalated in recent years. Party chief To Lam has vowed to "resolutely" continue the aggressive push that has touched all aspects of society and led to the detention of scores of senior officials and business executives.
