The court officially sentenced Ms. Truong My Lan in phase 2, tense escort photo

After a lengthy deliberation, today (October 17), the Ho Chi Minh City People's Court will announce the first-instance verdict in the second phase of the Van Thinh Phat case against defendant Truong My Lan and 33 other defendants. The defendants were brought to trial for the crimes of property appropriation, money laundering, and illegal transportation of currency across the border due to violations that occurred at Van Thinh Phat Group Joint Stock Company, Saigon Commercial Joint Stock Bank (SCB) and related units.

Previously, on October 4, at the indictment, the representative of the Ho Chi Minh City People's Procuracy proposed that the panel of judges sentence defendant Truong My Lan to life in prison for fraud and appropriation of property; 12-13 years in prison for money laundering; 8-9 years in prison for illegally transporting currency across the border; the total sentence is life in prison. The remaining 33 defendants, the Procuracy proposed that the panel of judges sentence them from 2 years to 27 years in prison for the crimes, or one of the above crimes.

Regarding civil liability, the People's Procuracy proposed that the People's Court force the defendant Lan to compensate the entire consequences of more than VND 30,869 billion for 35,824 victims; maintain the voluntary actions of the defendants, individuals, and organizations to remedy the consequences in the case.

According to the accusation in phase 2 of the case, defendant Truong My Lan illegally transported more than 4.5 billion USD across the border, laundered more than 445,000 billion VND, and illegally appropriated more than 30,869 billion VND from 35,824 victims through the form of issuing fake bonds and using the bond issuance money for the wrong purpose.

During the interrogation, defendant Truong My Lan did not claim innocence, accepted responsibility and would respect the decision of the panel of judges. However, defendant Lan affirmed that she did not propose the policy of issuing bonds and using the money from the bond issuance.

After hearing the proposed sentence, defendant Lan burst into tears and asked the panel of judges and the prosecutor to consider it, because looking at her family and employees, there was no one who was fraudulent or evil, but this was just a "professional incident". Defendant Lan said that "although the proposed sentence is unfair, I am willing to stand up to remedy the situation for the bondholders and I promise to do so".

Defendant Truong My Lan also asked the panel of judges to consider reducing the sentences for her husband, nephew, sister-in-law and the remaining defendants in the case because some defendants had received very heavy sentences in phase 1; they were just wage earners, with families behind them.

Defendant Truong My Lan said she would use all her assets and, together with her family, find a way to remedy the consequences of the case for the bondholders. In particular, defendant Lan asked SCB to return Project 6A in Trung Son area, Binh Chanh district and 65 other assets that are not fulfilling any obligations at SCB; the Amigo super project in the center of District 1 with a value 3 times higher than Times Square; Building 29 Lieu Giai, Hanoi... and other assets worth thousands of billions of VND. During the interrogation, defendant Lan also asked to receive back two albino Hermes bags as souvenirs.

In the response, the representative of the People's Procuracy affirmed that the defendant Truong My Lan was the one who proposed the policy, directed the issuance and used the money from the bond issuance for the wrong purpose, demonstrating the defendant's intention to appropriate.

Defendant Lan played the highest role, the other defendants only followed instructions. The Procuracy noted many mitigating circumstances for the defendant, but considering the nature and severity of the case, the Procuracy found it necessary to apply the highest proposed penalty for defendant Lan for the crime charged. Defendant Lan actively cooperated and proposed a plan to remedy the consequences, but this was only a plan, so results were needed to be recorded at a higher level. In her final statement, defendant Lan said that she had "paid too high a price" and determined that this was "fate" and "a professional accident".

Truong My Lan "washed" more than 445,700 billion VND, the Department of Prevention and Control did not know Pinky13:29:13 09/06/2024Continuing further investigation in the Truong My Lan case, Van Thinh Phat's owner in 4 years laundered an amount of more than 445,700 billion VND. The Department of Prevention and Control was also unaware of her embezzlement process.