Death sentence upheld for property tycoon over fraud worth 3% of Vietnam's 2022 GDP

Vietnamese property tycoon Truong My Lan (Tran Quynh/VNExpress via AP)

The death sentence for property tycoon Truong My Lan has been upheld in Vietnam’s largest fraud case.

She had been convicted in April of embezzlement and bribery over the fraud amounting to $12.5bn, nearly 3% of Vietnam’s 2022 GDP. As chairwoman of the Van Thinh Phat property firm, Lan illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that cost the bank $27bn in losses.