In a recent development, the People’s Court of Ho Chi Minh City has recommended the Investigation Police Agency under the Ministry of Public Security (C03) to investigate and verify the ownership of numerous assets involved in the case.
Specifically, the court has suggested continuing to prevent transactions from the bank accounts of Chu Duyet Phan and Chu Duyet Hang (both daughters of Truong My Lan), as well as Truong Lap Hung (Truong My Lan’s nephew). The same restriction applies to the accounts and properties held by Nguyen Phuong Hong, Nguyen Tien Thanh, Nguyen Ngoc Duong, and Nguyen Phuc Anh. In addition, the court has recommended preventing transactions from three bank accounts and freezing 13 properties associated with Dinh Van Thanh, Nguyen Thi Thu Suong, Chiem Minh Dung, Tram Thich Ton, and Nguyen Lam Anh Vu.
The court has further urged C03 to verify and take appropriate legal action regarding the following assets:
– 61 land-use rights certificates in Phuoc Kien, Nha Be District, Ho Chi Minh City. These assets were already seized following a previous court ruling on April 11, 2024, by the Ho Chi Minh City People’s Court in the first phase of the Truong My Lan case.
– A property located at 129 Pasteur, District 3, Ho Chi Minh City, which is currently owned by Peak View Investment Joint Stock Company.
– Six properties held by Hai Phu Tourism and Trading Co., Ltd., Tan Thuan Nam Investment Joint Stock Company, and Tran Le Gia Trang Joint Stock Company.
– 1,784 photocopies of land-use certificates seized from Van Thinh Phat Group.
– 269 rental properties also seized from Van Thinh Phat Group.
– 35 land-use rights certificates as listed in Appendix 11 of the Verdict.
– Overseas properties owned by foreign entities linked to Truong My Lan, along with her and her family’s assets held abroad.
– The “The Spirit of Saigon” project in the Ben Thanh Quadrangle by Saigon Glory Co., Ltd., a member of the Bitexco Group.
– The Sing Viet Urban Area and Resettlement Area project in Le Minh Xuan, Binh Chanh District, Ho Chi Minh City (with 100% of the shares held by Amaland PTE in Singapore), developed by Sing Viet Urban Development Co., Ltd.
According to the verdict of the Ho Chi Minh City People’s Court, Truong My Lan, the chairperson of the Van Thinh Phat Group, was sentenced to life imprisonment for “fraudulent appropriation of property,” 12 years for “money laundering,” and eight years for “illegal cross-border currency transportation.” The total penalty for Truong My Lan is life imprisonment in the second case for which she was tried in the first instance. The remaining defendants were sentenced to between two and 23 years in prison.
In terms of civil liability, the court ruled that Truong My Lan must compensate 35,824 victims with a total amount of over VND 30,000 billion.
After the verdict was published on the Ho Chi Minh City People’s Court’s portal from October 24, 2024, the victims and related persons who were absent from the trial have the right to appeal within 15 days.
The Van Thinh Phat Trial Phase 2: Unfeasible Remediation Plan
Recognizing the defendant Truong My Lan’s desire to remedy the consequences of the case. However, the People’s Procuracy of Ho Chi Minh City (VKSND) deemed this proposal as impractical and unrealistic.
The Billion-Dollar, Decades-Long Project: The Untold Story of the “100,000 Billion VND” Development Stalling Right Across Ben Thanh Market, Involving Truong My Lan and Bitexco in a Verbal Agreement.
“The Spirit of Saigon” is a project that Ms. Truong My Lan verbally agreed upon with the chairman of Bitexco for 220 trillion VND before his arrest. According to Ms. Lan, the project’s value has now exceeded 1,000 trillion VND.
Trương Mỹ Lan: A Billion-Dollar Overseas Investment for SCB Shares and Restructuring
“Ms. Truong My Lan asserted that nearly US$1 billion of the total inflow of over US$3 billion from overseas remittances belonged to her friends. This substantial amount was intended to facilitate the purchase of shares and enable their participation in the restructuring of SCB.”
The Bondholder’s Silver Lining: Unraveling the Van Thinh Phat Case
The deadline for victims of the bond-buying scam to come forward and amend their information has been extended, as per the latest announcement on September 27th.
