Vietnamese Property Tycoon's Sentence To Be Reduced To Life Imprisonment

A Vietnamese property tycoon sentenced to death for fraud with damages totalling $27 billion will no longer face execution, her lawyer said Wednesday, as the country abolished capital punishment for eight crimes, including property embezzlement.

Property developer Truong My Lan's lawyer Giang Hong Thanh told AFP that her death penalty "will be converted to life imprisonment... I informed Ms. Lan this morning, she is very happy."

Vietnam on Wednesday abolished the death penalty for eight crimes including espionage, graft and attempting to overthrow the government, according to state media.

Lan, 68, was convicted last year of swindling money from Saigon Commercial Bank (SCB) -- which prosecutors said she controlled -- and sentenced to death for fraud totalling $27 billion -- six percent of the country's GDP.

She appealed the verdict in a month-long trial, but in December the court in Ho Chi Minh City determined that there was "no basis" to reduce her sentence.

But the court said Lan's sentence could be reduced to life imprisonment if she returned three quarters of the stolen assets.

"If Ms Lan compensates for three quarters of the losses along with some other conditions, she will continue to be considered for a further reduction of her sentence," lawyer Thanh said.

Lan "is still actively cooperating with state agencies of Vietnam and her partners to find ways to deal with (her) assets and restructure SCB to come to a final solution to the case."

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