Vietnam court may commute tycoon's death sentences if she repays $11 billion

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Vietnam court may commute tycoon's death sentences if she repays $11 billion

2024-12-03 23:06 Last Updated At：12-04 06:31

HANOI, Vietnam (AP) — A court in Vietnam on Tuesday upheld the death sentence for real estate tycoon Truong My Lan but said it could be commuted to life if she reimburses some $11 billion, or three-fourths of what she defrauded in the country’s biggest financial crime.

The scale of her fraud shocked the nation, with analysts raising questions about whether other banks or businesses had similarly erred. It has also dampened Vietnam’s economic outlook and made foreign investors jittery at a time when Vietnam has been trying to position itself as a home for businesses pivoting their supply chains away from China.

Lan, 67, was convicted in April of embezzlement and bribery amounting to $12.5 billion, equivalent to 3% of the country’s GDP. As chairperson of the Van Thinh Phat real estate firm, the court said she illegally controlled Saigon Joint Stock Commercial Bank between 2012 and 2022 and allowed 2,500 loans that cost the bank $27 billion in losses.

A higher court in Ho Chi Minh on Tuesday rejected her appeal of the conviction but said that her death sentence could be commuted to life if she reimburses three-fourth of the losses, working out to around $11 billion, state media reported.

Her lawyers argued that she had repaid the money but the court disagreed since there were legal issues with some of the seized properties and prosecuting agencies couldn't assess their value, VN Express reported.

Lan's lawyers also noted several mitigating circumstances — she had admitted guilt, showed remorse and had paid back part of the amount.

“I feel pained due to the waste of national resources,” she said last week, according to state media.

But the court said her violations had negatively impacted banking, caused public disorder and eroded people’s trust, VN Express said.

Under Vietnamese law, death sentences aren't immediately carried out and there is an extended legal process, said Nguyen Khac Giang, a visiting fellow in the Vietnam Studies Program at Singapore’s ISEAS–Yusof Ishak Institute. He added that Lan would seek another review of the case or a presidential pardon to reduce her sentence.

“Moreover, if she repays at least three-quarters of the misappropriated funds, the court may consider commuting her sentence to life imprisonment,” he said.

Her arrest was among the most high-profile in an anti-corruption drive in Vietnam that intensified after 2022. The so-called Blazing Furnace campaign touched the highest echelons of Vietnamese politics.

Lan, 67, and her family had set up the Van Thing Phat company in 1992, after Vietnam shed its state-run economy in favor of a more market-oriented approach open to foreigners. The company grew into one of Vietnam’s richest real estate firms, with luxury residential buildings, offices, hotels and shopping centers.

This made her a key player in the country’s financial industry. She orchestrated the 2011 merger of the beleaguered SCB bank with two other lenders in coordination with Vietnam’s central bank. The court said that she used this to tap SCB for cash and, according to government documents, owned more than 90% of the bank while approving thousands of loans to “ghost companies.”

These loans, according to state media, found their way to her and she bribed officials to cover her tracks.

The scale of the crime meant the case was split into two trials, and Lan was sentenced to another life sentence in October. At that trial, she was accused of raising $1.2 billion from nearly 36,000 investors by issuing bonds illegally through four companies, state media reported.

She was also found guilty of siphoning off $18 billion obtained through fraud and for using companies controlled by her to illegally transfer more than $4.5 billion in and out of Vietnam between 2012 and 2022.

Vietnam has handed down more than 2,000 death sentences in the past decade and executed more than 400 prisoners. It is a possible sentence for 14 different crimes but is typically applied for cases of murder and drug trafficking.

Trump's family circle has a different look as he returns to the White House

2025-01-19 05:50 Last Updated At：06:00

WASHINGTON (AP) — When Donald Trump returns to the White House on Monday, his family circle will look a little different than it did when he first arrived eight years ago.

His youngest son, Barron, was in fifth grade back then. He's now a college freshman who towers over his 6-foot-plus (1.8-meter-plus) dad. Granddaughter Kai, who was 9 in 2017, is now an aspiring social media influencer and impressive golfer. Grandson Joseph, who posed in Trump's lap with a Lego model of the White House last time, is 11 now.

The most prominent relatives in Trump's political sphere, daughter Ivanka and her husband, Jared, are in Florida this time around after working in his first administration.

Family members can provide presidents with a ready source of moral and sounding-board support, companionship and even relief from the world's problems. Not to mention creating headaches for the president at times, too.

“Family can do things that other people can’t, and they can be trusted in a way that other people also can’t,” said Tevi Troy, a former George W. Bush administration official and author of several books about the presidency. “Everyone needs someone they can talk to late at night when you let your hair down, so to speak.”

The president-elect has five children — three of whom are married — from his marriages to Ivana Trump, Marla Maples and current wife Melania Trump. He has 10 grandkids, with an 11th on the way.

A look at Trump's family circle, then and now:

THEN: She spent the opening months of Trump's term at the family's Manhattan penthouse so that 11-year-old Barron wouldn't have to switch schools in the middle of the year. After moving to the White House, she traveled around the United States and to other countries, alone and with Trump, partly to promote her “Be Best” children's initiative while fiercely guarding her privacy.

NOW: She avoided active campaigning during Trump's 2024 run, limiting her public appearances to key moments, such as the campaign's launch, the Republican National Convention and election night. She released a self-titled memoir late last year and will be the subject of a documentary distributed by Amazon Prime Video that is expected to be released later this year. While some doubt that Trump's 54-year-old wife will spend much time at the White House, she said on Fox News' “Fox & Friends” that she has already packed and picked out the furniture she wants to take to the executive mansion.

THEN: Trump’s eldest son, now 46, campaigned for his father in 2016 and 2020.

NOW: Trump Jr.’s influence has grown to the point that he lobbied his father to choose close friend JD Vance for vice president. He also pushed for former Democratic Rep. Tulsi Gabbard and Robert F. Kennedy Jr., the president-elect’s picks for director of national intelligence and health and human services, respectively. Trump Jr. helps run the family real estate business and is an honorary chairman of Trump’s transition. He has a podcast and has said his role is to prevent “bad actors” from getting into the administration. He recently flew on his father's airplane to Greenland; the president-elect has expressed a desire to take control of the mineral-rich Danish territory.

Trump Jr. has five children — or “smurfs,” as he sometimes refers to them — with his former wife, Vanessa Trump. They are Kai Madison, 17; Donald John III, 15; Tristan Milos, 13; Spencer Frederick, 12; and Chloe Sophia Trump, 10.

THEN: Ivanka, 43, campaigned for her father in 2016 and moved her family from New York City to Washington to work in his White House as a senior adviser. She was on the campaign trail in 2020, too, but she and her family moved to Florida and retreated from the spotlight after his loss.

NOW: As Trump geared up for the 2024 run, Ivanka announced that she loved and supported him but was getting out of politics to focus on her husband and their three kids. She did, however, join her father and other family members on election night and when he rang the bell at the New York Stock Exchange in early December after Time magazine named him Person of the Year. She told “The Skinny Confidential” podcast that this time around she just wanted to “show up for him as a daughter” and be there to watch a movie or a sports game.

Ivanka and her husband have three children: Arabella Rose, 13; Joseph Frederick, 11; and Theodore James Kushner, 8.

THEN: The 40-year-old helped run the family business and participated in his father's campaigns.

NOW: Eric is also an honorary chair of the transition and a close adviser to his father. But he continues to focus more on running the family business. In September, he and his brother started a crypto platform called World Liberty Financial, and their father helped launch it in an interview on the X social media platform.”

Eric and his wife, Lara, have two children: Eric Luke, 7, and Carolina Dorothy Trump, 5.

THEN: Trump's daughter with second wife Marla Maples was 23 and a recent University of Pennsylvania graduate who kept a low profile when Trump was first elected.

NOW: She was more present in the 2024 campaign but still largely avoids the spotlight. Tiffany, 31, and her husband, Michael Boulos, are expecting their first child this year. Boulos is a businessman who traveled with Trump in the final stretch of the campaign. His father is Massad Boulos, a Lebanese American businessman who helped Trump with the influential Arab American community in the swing state of Michigan. Trump has named Massad Boulos to be a senior adviser on Arab and Middle Eastern affairs.

THEN: At the start of Trump's first term, Barron and his mother stayed at the family's Trump Tower penthouse in Manhattan so he could finish his school year. When they got to Washington, his soccer net appeared in what’s known as the first lady’s garden.

NOW: Barron, 18, is a freshman New York University business student. His parents and Trump campaign officials credit him for recommending podcasts popular with young men that the president-elect appeared on during the campaign. Barron will have a bedroom in the White House, Melania Trump said on “Fox & Friends.”

Donald Trump said Barron had helped introduce hm to people he had never heard of. before.

“He was very good,” the president-elect told NBC News in a telephone interview Saturday. “It’s the new wave. And he was very helpful.”

His mother had told “Fox & Friends” last year that “I’m very proud of him, about his knowledge, even about politics and giving an advice to his father. He brought in so many young people. He knows his generation.”

THEN: Trump's daughter-in-law, 42, campaigned for him during all his runs. After Trump lost to Democrat Joe Biden in 2020, she considered running for a U.S. Senate seat from her home state of North Carolina but ultimately decided against it. She became a Fox News commentator.

NOW: As Trump revved up his 2024 campaign, he installed his daughter-in-law as co-chair of the Republican National Committee, where she was a TV-ready advocate overseeing fundraising, voter outreach and the party’s “election integrity” initiative. She stepped down from the RNC after the election and removed her name from consideration as a possible successor to Sen. Marco Rubio, R-Fla., Trump's choice for secretary of state.

Lara Trump is passionate about fitness and has her own line of activewear. She also has explored a side venture as a singer and has released some songs. Daughter Carolina is named after her home state.

THEN: Kushner, 44, was also a key figure in Trump’s 2016 campaign. He joined his wife in the White House as a senior adviser, a role that included working on U.S. policy toward Israel and the broader Middle East.

NOW: Kushner has stepped out of the political spotlight — but his father could soon step in. Trump announced after the election that he intends to nominate Charles Kushner, a real estate developer, to be U.S. ambassador to France. The elder Kushner was pardoned by Trump in December 2020 after he pleaded guilty years earlier to tax evasion and making illegal campaign contributions.

THEN: Kai was in elementary school when her grandfather became president.

NOW: Donald Trump Jr.'s 17-year-old granddaughter is an aspiring social media influencer. Her behind-the-scenes video from election night garnered 3.7 million views on YouTube. Other posts related to her grandfather have been watched millions more times on TikTok. Kai delivered her first public speech at the Republican convention and is an avid golfer who sometimes plays with her grandfather.

“If I’m not on his team, he’ll try to get inside of my head, and he’s always surprised that I don’t let him get to me," she said at the convention. "But I have to remind him, I’m a Trump, too.”

THEN: Ivanka Trump and Jared Kushner’s daughter was 6 when her grandfather showed China's Xi Jinping a video of her, in a traditional Chinese dress, belting out Chinese-language songs.

“It’s very good, right? She’s very smart,” Trump said. Xi responded that Arabella was her grandfather's “little angel” and a “messenger of China-U.S. relations.”

NOW: Arabella is 13 and enjoys singing, playing the piano, horseback riding and Brazilian jiu-jitsu, according to a social media post from her mother.

Gomez Licon reported from West Palm Beach, Florida.