The Handling of Truong My Lan’s Massive Assets Requires the Supervision of the Supreme People’s Procuracy and the Ministry of Public Security

At noon on December 3rd, along with the death sentence for Ms. Truong My Lan (Chairman of Van Thinh Phat Group), the Council of the High-Level People’s Court in Ho Chi Minh City also handed down a decision regarding her assets.

According to the Council, Ms. Truong My Lan must pay compensation of VND 673,000 billion for the damages caused by the case. To ensure the enforcement of the judgment, the appellate court also ordered the continued attachment and freezing of assets related to Ms. Lan.

Regarding the 1,120 assets that secured 1,243 loans, which the first-instance court had ruled to be managed by SCB Bank for debt handling, the appellate court rejected this decision.

The appellate court ruled that SCB Bank must coordinate with competent authorities in managing these assets. The Supreme People’s Procuracy and the Ministry of Public Security will supervise the process to ensure the enforcement of the judgment and the recovery of assets.

The appellate court rejected Ms. Lan’s appeal, in which she argued that some assets, such as a villa in District 1, the property at 21-21A Tran Cao Van, and a building on Nguyen Hue Street, were not related to the case and should not be subject to attachment. The Council argued that the nature of these assets belongs to Ms. Lan, and since she has to compensate for a significant amount, these assets need to remain attached to ensure the enforcement of her compensation obligations.

The appellate court also stated that other assets, such as Project 6A, which Ms. Lan claimed to have lent to SCB Bank for restructuring, and the VND 5,000 billion she allegedly contributed to SCB Bank’s chartered capital, were not addressed in the first-instance judgment. Therefore, the appellate court lacked a basis for resolving these matters, and the concerned parties may file a lawsuit if there is a dispute.

Additionally, the appellate court rejected Ms. Lan’s appeal to be exempt from paying VND 674 billion in court fees, as she did not meet the conditions for exemption under the regulations.

In addition to handling Ms. Lan’s assets, the appellate court also rejected SCB Bank’s appeal requesting compensation from Ms. Lan for damages until the completion of her obligations. The Council stated that the credit contracts for borrowing from SCB Bank were fictitious and did not comply with the law.

The court also rejected the request to allow SCB Bank to continue managing some of the mortgaged assets of related individuals, as the responsibility for compensation lies with Ms. Truong My Lan.

Notably, the Council declared that the amount voluntarily paid by the co-defendants in the case to remedy the damage should be counted towards Ms. Lan’s compensation obligation. Ms. Lan is the only defendant in the case who has been ordered to compensate for all the damages.