Vietnamese property magnate Truong My Lan has lost her appeal against the death sentence handed down for her role in orchestrating the largest bank fraud in history. However, the 68-year-old could still avoid execution by repaying 75% of the $12 billion she was found guilty of embezzling, as per Vietnamese law.

In April, the court determined that Truong secretly controlled Saigon Commercial Bank, Vietnam’s fifth-largest lender, and used a network of shell companies to siphon loans and cash over more than a decade. The total misappropriated funds were valued at $44 billion, with $27 billion deemed misused and $12 billion classified as embezzled—the latter leading to her death sentence.

The ruling was extraordinary, marking one of the few times a woman in Vietnam has been sentenced to death for a white-collar crime. On Tuesday, the appeals court upheld the original sentence, stating there was no basis for leniency.

Truong can still petition the president for amnesty, and her sentence will be commuted to life imprisonment if she returns $9 billion, equating to 75% of the embezzled amount.

During her trial, Truong initially displayed defiance but appeared contrite during her appeal hearings. She expressed regret for being a burden on the state and vowed to repay the stolen funds.

“I am ashamed of what I have done,” she said. “My only thought now is to return what I have taken.”

Born to a Sino-Vietnamese family in Ho Chi Minh City, Truong began her career selling cosmetics at a market stall with her mother. She transitioned into real estate during Vietnam’s economic reforms in the 1980s, eventually amassing a vast portfolio of hotels and restaurants by the 1990s.

At the time of her conviction, she was the chairwoman of the prominent real estate conglomerate Van Thinh Phat Group. Her dramatic downfall is a hallmark of Vietnam’s “Blazing Furnaces” anti-corruption campaign led by then-Communist Party Secretary-General Nguyen Phu Trong.

While the appeals court’s decision narrows Truong’s options, her potential to avoid execution hinges on her ability to repay billions. The case has become a stark example of Vietnam’s escalating crackdown on financial misconduct and its determination to hold even the most powerful figures accountable.