“Latest Developments in the Enforcement of Civil Judgments in the Vạn Thịnh Phát Case: Phase 2”

The Ho Chi Minh City Department of Civil Judgment Enforcement has released a press statement regarding the enforcement of the verdict in the case of Truong My Lan – Van Thinh Phat, Phase 2.

According to the statement, there are over 43,000 judgment creditors, and the enforcement agency is in the process of handling assets to ensure the recovery of money and properties as per the court’s decision.

The Department of Civil Judgment Enforcement in Ho Chi Minh City has actively coordinated with departments, branches, and People’s Committees of districts, Thu Duc City to verify the legal status of assets and expedite the handling of seized properties in this case.

Thus far, the enforcement agency is holding VND 6,863 billion belonging to Truong My Lan (Chairwoman of Van Thinh Phat Group). Additionally, there are other amounts, and the expected payment for judgment creditors in the first batch of Phase 2 is over VND 8,600 billion.

The Department has received over 39,000 applications and is in the process of checking, verifying, reviewing, and approving personal and account information of the judgment creditors. Personal information of the bondholders will be collected and used in accordance with the law, ensuring confidentiality and protecting their rights during the enforcement process.

To standardize and accurately verify personal and account information before making payments to the judgment creditors, the Department of Civil Judgment Enforcement in Ho Chi Minh City requests that those who have not yet submitted applications do so promptly as follows:

1. Application for receiving notifications of enforcement and receiving money by transfer (original);

2. ID card or passport (for individuals); business license or establishment and operation license (for organizations);

3. Account information confirmation issued by the bank (certified copy).

For bondholders who have not yet submitted their applications, the Department of Civil Judgment Enforcement requests that they send their applications to the Department or to Tan Viet Securities Joint Stock Company for compilation and submission to the Department. The Department will publicly announce on its portal and official media channels to notify the judgment creditors to verify their information before making payments as per legal procedures.

On April 21, the appellate court of the Ho Chi Minh City High-Level People’s Court pronounced the sentence in Phase 2. Truong My Lan’s sentence was reduced from life imprisonment to 20 years in prison for “appropriating property by fraud,” with a sentence of 12 years for “money laundering” and 8 years for “illegal cross-border currency transportation” remaining unchanged.

In Phase 1 of the case, Truong My Lan was sentenced to death. Combining the penalties of the two phases, Truong My Lan’s final sentence is death.

In terms of civil liability, the two verdicts ordered Truong My Lan to compensate the bondholders for a total of over VND 30,000 billion and SCB Bank for over VND 677,000 billion.