Real estate tycoon Truong My Lan was sentenced to death for multiple offences, including money laundering at a previous trial in March in HCM City. — VNA/VNS
HCM CITY: The second trial of Vietnamese real estate tycoon Truong My Lan, who is charged with multiple financial offences is set to commence on Sept 19 as she appeals a death penalty verdict issued earlier this year.
The proceedings will involve 33 additional defendants and are expected to last until Oct 19.
Lan and her co-defendants are accused of fraudulent appropriation of property, money laundering and the unlawful transportation of currency across international borders.
She is also alleged to have misappropriated more than VNĐ35 trillion(US$1.4mil) from over 35,000 investors through the issuance of bonds, according to the police.
In preparation for the trial, the court has requested over 35,000 individuals who acquired fraudulent bonds associated with this case confirm their personal information on the court’s official website.
Individuals in possession of counterfeit bonds issued by four companies under the Van Thinh Phat umbrella (An Dong, Sunny World, Quang Thuan, and Setra) are also encouraged to verify their details through the court’s online portal.
The court has urged affected individuals to stay informed about the progress of the trial via the following link of the HCM City People's Court: https://hochiminhcity.toaan.gov.vn/webcenter/portal/hochiminh/chitietchidaodieuhanh?dDocName=TAND339235.
Many of the victims involved have yet to lodge complaints, thereby impeding ongoing investigations, according to the police.
The scandal is the largest in Vietnam’s history.
The 68-year-old chairwoman was sentenced to death earlier this year for embezzling VNĐ677 trillion from Saigon Commercial Bank (SCB) and has appealed the verdict.
Three executives involved received life sentences, while 81 others were given prison terms ranging from three to twenty years for related crimes.
The arrest of the chairwoman in late 2022 led to a bank run, although the Central bank has guaranteed deposits but not reimbursed victims of the fraudulent bonds, sparking public outrage.
Numerous bondholders implicated in the scandal have gathered outside the Ministry of Finance and the Central bank’s headquarters in Hanoi, demanding accountability for the situation.
Analysts have suggested the private lender SCB should have been placed under Central management earlier to mitigate potential risks to the banking system.
A chief inspector from the Central bank has been sentenced to life imprisonment for accepting $5.2 million in bribes to conceal the lender’s precarious financial condition.
Concerns have been raised regarding cross-ownership among commercial banks in Vietnam, which poses significant risks to the financial system.
The Government has attributed the ongoing challenges within the banking and corporate bond markets to the weak management of both the Central bank and the Ministry of Finance. — Vietnam News/ANN
