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A court in Vietnam has upheld a death sentence for a real estate tycoon after rejecting her appeal against a conviction for embezzlement and bribery, state media reported.

Truong My Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group (VTP), was sentenced to death in April for her role in a financial fraud worth more than $12bn, Vietnam’s biggest on record.

The 68-year-old was found guilty of embezzlement, bribery and violations of banking rules following a month-long trial.

Truong My Lan, 3 December 2024.
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A Vietnam court upheld a death sentence for Truong My Lan. Pic: AP

Lan and her accomplices were charged with illegally controlling the Saigon Joint Stock Commercial Bank (SCB) between 2012 and 2022 to siphon off funds through thousands of ghost companies and by paying bribes to government officials.

From early 2018 to October 2022, when the state bailed out SCB after a run on its deposits, Lan appropriated large sums by arranging unlawful loans to shell companies, investigators said.

Vietnamese news outlet VnExpress reported that if Lan can return three-quarters of the money embezzled while on death row, it is possible the sentence could be commuted to life imprisonment.

According to the outlet, the prosecution said on Tuesday: “The consequences Lan caused are unprecedented in the history of litigation and the amount of money embezzled is unprecedentedly large and unrecoverable.

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“The defendant’s actions have affected many aspects of society, the financial market, the economy.”

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Calls to impeach South Korean President Yoon after martial law rescinded

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Calls to impeach South Korean President Yoon after martial law rescinded

South Korean lawmakers have called for the impeachment of the president after he declared martial law only to reverse the move hours later, triggering the biggest political crisis the country has faced in decades.

The surprise declaration late on Tuesday ignited a standoff with parliament which rejected President Yoon Suk Yeol’s attempt to ban political activity and censor the media.

After his earlier shock announcement, troops had entered the National Assembly building as police and protesters clashed outside. Lawmakers at one point used fire extinguishers to prevent troops from entering parliament.

The Swedish prime minister announced on Wednesday he has postponed his scheduled visit to South Korea this week.

Ulf Kristersson had been scheduled to hold a summit meeting with Mr Yoon.

South Korea's main opposition Democratic Party's staff set up a barricade to block soldiers at the National Assembly after South Korean President Yoon Suk Yeol declared martial law in Seoul, South Korea.
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Staff in parliament barricaded doors to stop soldiers entering. Pic: Reuters

A coalition of lawmakers from opposition parties said they planned to propose a bill to impeach Mr Yoon on Wednesday, which should be voted on within 72 hours.

“The parliament should focus on immediately suspending the president’s business to pass an impeachment bill soonest,” Hwang Un-ha, an MP in the coalition, told reporters.

Mr Yoon told the nation in a TV address that martial law was needed to defend the country from nuclear-armed North Korea and pro-North anti-state forces, and protect its free constitutional order, although he cited no specific threats.

Within hours, South Korea’s parliament, with 190 of its 300 members present, unanimously passed a motion requiring martial law be lifted, including all 18 members present from the president’s party.

The president then rescinded the declaration.

Why was martial law declared in South Korea?

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South Korean president lifts martial law order

Protesters outside the National Assembly parliament shouted and clapped, chanting “we won”.

South Korea’s largest union coalition, the Korean Confederation of Trade Unions, said thousands of its members would strike until Mr Yoon resigned and will hold a rally in Seoul.

Several other protests are expected, including near the National Assembly where thousands of people gathered late on Tuesday to call to block Mr Yoon’s order – and then demand his arrest and resignation.

South Korean stocks opened down around 2% on Wednesday, while the won steadied to trade around 1,418 to the dollar, having plunged to a two-year low.

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What just happened in South Korea?

‘He cannot avoid treason charges’

The main opposition Democratic Party (DP) has called for Mr Yoon, who has been in office for two years, to resign or face impeachment.

“Even if martial law is lifted, he cannot avoid treason charges,” a senior DP member of parliament, Park Chan-dae, said.

“It was clearly revealed to the entire nation that President Yoon could no longer run the country normally. He should step down.”

People watch South Korean President Yoon Suk Yeol's televised address  at a bus terminal in Seoul, South Korea.
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The president made the martial law announcement on Tuesday night. Pic: AP

The National Assembly can impeach the president if more than two-thirds of lawmakers vote for it. A trial is then held by the constitutional court, which can confirm it with a vote by six of the nine justices.

Mr Yoon’s party controls 108 seats in the 300-member legislature.

“South Korea as a nation dodged a bullet, but President Yoon may have shot himself in the foot,” said Danny Russel, vice president of the Asia Society Policy Institute think tank in the United States.

The country has been a democracy since the 1980s and is a US ally and major Asian economy.

The crisis caused international alarm. US Secretary of State Antony Blinken said he welcomed Mr Yoon’s decision to rescind the martial law declaration.

“We continue to expect political disagreements to be resolved peacefully and in accordance with the rule of law,” Mr Blinken said in a statement.

South Korea’s previous period of martial law was in October 1979.

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South Korea president to lift martial law order after parliament voted to block it

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South Korea president to lift martial law order after parliament voted to block it

South Korea’s president has said he will lift the emergency martial law order he had declared just hours earlier.

Yoon Suk Yeol’s decision comes after parliament voted to block the order, with the speaker of the National Assembly, Woo Won Shik, declaring it “invalid” and saying politicians would “protect democracy with the people”.

The president, who appears likely to be impeached over his actions, had said in a TV address on Tuesday night he was putting the military in temporary charge to defend the constitutional order and “eradicate the despicable pro-North Korean anti-state forces”.

But in a U-turn, Mr Yoon said martial law command forces have withdrawn and a cabinet meeting will be held as soon as possible.

In the end martial was in effect for about six hours.

South Korea martial law: Follow latest updates

After his earlier shock announcement, troops had entered the National Assembly building as police and protesters clashed outside and helicopters, likely to be from the military, flew overhead.

Staff barricaded the doors of the building, in the capital Seoul, to try to stop the soldiers entering.

Inside however, politicians were able to hold a vote and unanimously decided by 190-0 to block the president’s declaration.

According to the law, martial law must be lifted if the assembly votes against it – and police and soldiers were later seen leaving parliament.

South Korean martial law soldiers try to enter the National Assembly compound in Seoul, South Korea.
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Soldiers at the National Assembly compound in Seoul. Pic: Newsis/AP

Police officers stand guard in front of the National Assembly in Seoul, South Korea.
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Police officers clashed with protesters. Pic: AP

Lee Jae-myung, who heads the opposition liberal Democratic Party, which holds the majority in the 300-seat parliament, said anyone acting under the orders of Mr Yoon or the martial law edict was now “breaking the law”.

Despite the vote, the defence ministry told reporters it would uphold the order “until the president lifts [it]”.

South Korea's main opposition Democratic Party's staff set up a barricade to block soldiers at the National Assembly after South Korean President Yoon Suk Yeol declared martial law in Seoul, South Korea.
Pic: Reuters
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Staff in parliament barricaded doors to stop soldiers entering. Pic: Reuters

Furniture and boxes are piled up to barricade the entrance doors of the National Assembly.
Pic Reuters
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Pic: Reuters

The president had said in his earlier TV address that martial law was necessary to protect “from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order”.

The declaration was the first since the country’s democratisation in 1987.

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Moment emergency martial law announced

UK ‘deeply concerned’

Following the announcement, the military said parliament and other political gatherings were suspended and the media was under its control, reported Yonhap news agency.

US deputy secretary of state Kurt Campbell said the White House was watching with “grave concern” while Britain’s minister for the Indo-Pacific, Catherine West, said the UK was “deeply concerned”.

She advised Britons to monitor and follow Foreign Office advice and said its Seoul embassy was “in touch with the Korean authorities”.

“We call for a peaceful resolution to the situation, in accordance with the law and the constitution of the Republic of Korea,” said Ms West.

South Korea’s democracy was tested – and its people rose to the occasion


Dominic Waghorn - Diplomatic editor

Dominic Waghorn

International affairs editor

@DominicWaghorn

People power appears to have prevailed in South Korea, defanging a last ditch attempt by a beleaguered lame duck president to declare martial law.

President Yoon’s gambit has backfired spectacularly.

His bombshell announcement late at night led not to a swift imposition of military rule, but instead galvanised popular opposition.

Protesters raced to the country’s parliament allowing MPs inside to vote to overturn the rogue president’s martial law plan.

There was a tense standoff between protesters and police but no violence.

The swift response seized the initiative from the president who was left with little option but to backdown. He now faces investigation by his political opponents along with his minister for national defence who they say was also complicit.

President Yoon may be familiar to some from a viral video showing him crooning American Pie in a soft soothing baritone in an impromptu performance in the White House.

He was not a conventional political performer and has been embroiled in deepening political difficulty since his party lost its parliamentary majority in this year’s elections.

He is now in a world of political pain as he prepares to pay the price for his extraordinarily rash move.

South Korea itself emerges from the episode with less to worry about.

It may have been unnerving, but the constitution, the parliament and the people appear to have weathered the storm and risen to the moment.

South Korea’s democracy has been tested and proven resilient in an unprecedentedly challenging few hours.

Scandals and a government in crisis

Since taking office in 2022, President Yoon has struggled to push his agenda against an opposition-controlled parliament.

His conservative People Power Party has been in a deadlock with the liberal Democratic Party over next year’s budget.

Ministers protested the move on Monday by the Democratic Party to slash more than four trillion won (approximately £2.1bn) from the government’s proposal.

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Crowds gather outside South Korean parliament

Police officers stand guard in front of the National Assembly in Seoul, South Korea, Tuesday, Dec. 3, 2024. (AP Photo/Lee Jin-man)
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Mr Yoon said that action undermines the essential functioning of government administration.

The president has also dismissed calls for independent investigations into scandals involving his wife and top officials, which has drawn criticism from his political rivals.

Security and defence analyst Professor Michael Clarke told Sky News the government in South Korea has been in “crisis” for a couple of years.

People watch South Korean President Yoon Suk Yeol's televised address  at a bus terminal in Seoul, South Korea.
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The president made the martial law announcement on Tuesday night. Pic: AP

“Yoon has been leading a minority government for some time, against him the Democratic Party have just frustrated whatever he has tried to do,” Clarke said.

“He has decided to get ahead of his opposition by creating this move.

“The last thing that liberal democracy needs at the moment is one of the democracies of Asia turning into a short-term dictatorship, so I think this is only a short-term parliamentary manoeuvre, but it may turn out to be more.”

Martial law is typically temporary, but can continue indefinitely. It is most often declared in times of war and/or emergencies such as civil unrest and natural disasters.

South Korea’s previous period of martial law was in October 1979.

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Why was martial law declared in South Korea?

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Why was martial law declared in South Korea?

South Korean President Yoon Suk Yeol has lifted martial law, which he implemented hours earlier in a move that shocked MPs, the public and international allies.

In a national address, the president said: “I have accepted the decision made by the National Assembly to dissolve and lift the martial law.”

MPs, including members of his own ruling party, voted to block the declaration as protesters clashed with soldiers and police after the martial law ruling.

But what is martial law, and why did the president introduce it?

What is martial law?

It enacts temporary rule by the military and is usually invoked in times of war, rebellion or natural disaster.

When martial law is in effect, the military commander has unlimited authority to make and enforce laws.

Members of the military make their way through the crowd in front of the National Assembly, after South Korean President Yoon Suk Yeol declared martial law.
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Scenes outside parliament today. Pic: Reuters

It suspends all existing laws – meaning there can be a suspension of normal civil rights and the use of military law on the civilian population.

The step is taken when the civilian authorities are deemed unable to function.

The surprise move was the first declaration of martial law since the country’s democratisation in 1987.

Martial law is typically temporary, but it can continue indefinitely. It is most often declared in times of war or emergencies such as civil unrest and natural disasters.

Recent examples of martial law being enforced include in Ukraine following Russia’s full-scale invasion.

Why did the president introduce it?

In his announcement on Tuesday night, Yoon Suk Yeol said it was critical for defending the country’s constitutional order.

“I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order,” Mr Yoon said.

The move came after two years of Mr Yoon struggling to push his agendas through in an opposition-controlled parliament.

The president of South Korea has accused the country's opposition of controlling the parliament and sympathising with North Korea.
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The president of South Korea delivering his statement. Pic: AP

His conservative People Power Party has been in a deadlock with the liberal Democratic Party over next year’s budget bill.

Ministers protested against the move on Monday by the Democratic Party to slash more than four trillion won (approximately £2.1bn) from the government’s budget proposal.

South Korea martial law: Follow live updates

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‘Shock and horror’ over Seoul move

Mr Yoon said that action undermines the essential functioning of government administration.

The president has also dismissed calls for independent investigations into scandals involving his wife and top officials, drawing criticism from his political rivals.

Security and defence analyst Professor Michael Clarke told Sky News he believed the introduction of martial law was Mr Yoon’s attempt to thwart his political opponents.

South Korea's main opposition Democratic Party's staff set up a barricade to block soldiers at the National Assembly after South Korean President Yoon Suk Yeol declared martial law in Seoul, South Korea.
Pic: Reuters
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South Korea’s main opposition Democratic Party’s staff set up a barricade to block soldiers. Pic: Reuters

“Yoon has been leading a minority government for some time, against him the Democratic Party have just frustrated whatever he has tried to do,” Clarke said.

“He has decided to get ahead of his opposition by creating this move.

“The last thing that liberal democracy needs at the moment is one of the democracies of Asia turning into a short-term dictatorship.”

What was the reaction?

Before the president lifted martial law, opposition leader Lee Jae-myung said the declaration of martial law was “unconstitutional” and called for the public to protest outside parliament.

The parliament, which is controlled by the opposition party, voted to block the president’s decision, which he reversed just a few hours later.

According to the law in South Korea, the government must lift martial law if the majority of the National Assembly demands it in a vote.

Live TV footage from earlier today showed South Korean parliament aides pushing back martial law forces, spraying fire extinguishers while the public and police clashed.

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