Vietnam tycoon offers property empire to avoid death penalty in US$27 billion bank fraud
Property tycoon Truong My Lan has pledged to transform her undervalued assets into a “golden goose” to repay embezzled billions to escape the death penalty
The appeal court ruled there was no basis to reduce her sentence but said she could still escape the death penalty if she paid back three-quarters of the amount stolen.
In a letter sent from jail to a state-controlled committee handling her properties, Lan said her assets have been significantly undervalued, causing potential losses to the state and affecting her rights, her lawyer Giang Hong Thanh said.
Lan said the government-appointed company that valued 726 of her assets, several of them real estate projects in prime areas of Vietnam’s biggest cities, had estimated their worth at around US$9.7 billion.