Vietnamese property tycoon Truong My Lan has lost her appeal against the death sentence she received for orchestrating the world’s largest bank fraud. The 68-year-old was convicted of secretly controlling Saigon Commercial Bank and misappropriating a total of $44 billion over a decade. While the court upheld her death sentence, there is a glimmer of hope for Truong. The law states that if she can repay 75% of the $12 billion she embezzled, her sentence could be reduced to life imprisonment. As of now, Truong is in a race to find $9 billion, part of the funds she is required to return in order to avoid execution.

Truong’s financial crimes were uncovered as part of the "Blazing Furnaces" anti-corruption campaign, which led to the conviction of 85 other defendants, including her husband and niece. Despite her lawyers’ arguments for leniency based on financial difficulties in liquidating her assets, the court did not reduce her sentence. Truong is now attempting to sell her luxury properties and raise loans from friends to meet the required amount. With her assets frozen by authorities, she faces a challenging task, as her assets mainly consist of real estate that takes time to sell.

The case has sparked widespread attention, as Truong My Lan is one of the few women in Vietnam to be sentenced to death for a white-collar crime. The outcome of her efforts to raise the necessary funds in time could determine whether she lives or dies. In the meantime, she remains under intense scrutiny as the clock ticks down.

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