On September 24, the Ho Chi Minh City People’s Court continued the trial of the case that occurred at Van Thinh Phat Group Joint Stock Company (Phase 2).
When asked by the presiding judge about her thoughts on the damages incurred, defendant Truong My Lan, former Chairman of Van Thinh Phat Group, expressed her commitment to rectifying the situation. Ms. Lan promised to use her personal assets to prioritize compensating the bondholders before addressing the consequences of Phase 1 of the case.
 Defendant Truong My Lan |
Specifically, Ms. Lan proposed utilizing stocks, shares, cash, and assets related to Phase 1 that the court has ordered individuals and organizations to return. The total estimated value of these assets is approximately VND 21,000 billion. In addition, she requested the court to recover more than VND 17,000 billion from banks and other organizations that received funds from the bond issuance. This brings the total amount to approximately VND 38,000 billion.
Ms. Lan also added that in the event that her current assets are insufficient, she will petition the court to demand Saigon Commercial Joint Stock Bank (SCB) to return the 6A – Trung Son project (with an area of 26 hectares) that Van Thinh Phat Group has been compensating for over 20 years. The defendant is aware that this project was previously loaned to SCB.
Ms. Lan reiterated: “I humbly request the court to ask SCB to return the asset to me.”
 Defendants at the trial
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Additionally, defendant Lan mentioned that there are over 650 assets in Phase 1 of the case, and she is willing to sell more than 200 of them to prioritize compensating the bondholders.
Truong My Lan also expressed her desire to use the Amigo complex building project (located opposite the Times Square building, within the golden square plot on Nguyen Hue walking street – Ho Tung Mau – Huynh Thuc Khang – Ngo Duc Ke) to rectify the situation.
According to the defendant, Van Thinh Phat Group has been investing in this project since 2007, and the Amigo complex building project is three times the scale of the Times Square building (45 floors).
“If possible, I would like to submit a compensation plan for the court’s review. This project is not subject to seizure. I want to regain the apartments loaned to SCB to willingly undertake this project and have the funds to compensate the bondholders.”
The defendant also proposed that the court compel individuals who still owe money from the bond issuance to promptly repay their debts to her, so she can have additional resources to rectify the consequences of the case.
Tran Thai. Photos: Hoang Trieu
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