A Vietnamese property tycoon convicted of large-scale fraud must return $11 billion to avoid execution by lethal injection, several media outlets have reported. The ultimatum was made by prosecutors in Ho Chi Minh City as part of Truong My Lan's appeal hearing on Tuesday, according to Bloomberg.
The billionaire, aged 68, was found guilty in April of embezzling US$12.3 billion from Saigon Commercial Bank (SCB) as chairwoman of the real estate developer Van Thinh Phat Holdings Group (VTP). The prosecution stated that Lan effectively controlled the bank using a web of allies and shell companies.
She was sentenced to death by lethal injection for her crimes, which spanned a period of 11 years and involved bribing government officials and violating bank lending rules by issuing fraudulent loans.
During the appeal hearing, prosecutors cited the "unprecedented" losses caused by Lan's actions, which according to various estimates amount to up to 6% of Vietnam's gross domestic product.
Under Vietnamese law, the defendant must return 75% of the embezzled money to be considered for a less severe sentence.
Comment: It only makes sense for the state to recover the losses.
Comment: China is another country which carries out severe punishments for economic crimes, whereas in the West, such illegal gains are never recuperated and the guilty parties hardly suffer anything other than slight embarrassment at the most.
Could the West learn something from the East? One wonders if introducing such an approach in the West would be a useful way of sending a signal that economic criminals and bribed officials are not protected.