HCM City (VNA) – The High-level People's Court in Ho Chi Minh City on March 25 commenced the appeal trial for the second phase of the high-profile case involving Van Thinh Phat Group and Saigon Commercial Joint Stock Bank (SCB).
The case is being reviewed on appeal following requests from Truong My Lan and 27 other defendants. Lan has appealed the entire verdict, challenging her convictions for "fraudulent appropriation of assets" (embezzling nearly 30.87 trillion VND – 1.2 billion USD – from 35,824 secondary investors), "money laundering" (involving 445.75 trillion VND), and "illegal cross-border money transfers" (4.5 billion USD). Other defendants are seeking reduced sentences, suspended sentences, or reconsideration of certain charges.
The court has also received appeals from 35 victims and other relevant parties, including the SCB, which has requested clarification on asset evidence linked to the bank. Other individuals have also filed petitions regarding asset seizures, share retrieval, and transaction bans.
The trial is expected to conclude on April 21, with Lan represented by eight defence lawyers.
Previously, on October 17, 2024, the first-instance trial of the second phase sentenced Lan to life imprisonment for "fraudulent appropriation of assets", 12 years for "money laundering", and 8 years for "illegal cross-border money transfers", with a total sentence of life imprisonment. Thirty-three other defendants received sentences ranging from 2 to 23 years.
In the first phase of the case, Lan was sentenced to death for "embezzlement", 20 years for "taking bribes", and 16 years for "violating lending regulations within financial institutions”.
According to the indictment, Lan founded Van Thinh Phat in 1992, holding a 60% stake and serving as Chairwoman of the Board of Directors since its inception. Between 2018 and 2020, key officials at the SCB, Van Thinh Phat, and Tan Viet Securities issued 25 fictitious bond codes without collateral, raising capital fraudulently. A total of 308.69 million bonds was sold illegally, defrauding 35,824 investors of over 30.08 trillion VND as of October 7, 2022. Furthermore, authorities determined that from 2012 to 2022, 23 companies under Van Thinh Phat were used to transfer money abroad and repatriate funds, with 4.5 billion USD illegally moved across borders. Lan and her associates also laundered 445.75 trillion VND derived from embezzled SCB funds. The court assessed that Lan must face the strictest punishment for her role, holding her accountable for the 30.87 trillion VND defrauded from investors./.
