Latest news with #VanThinhPhatGroup
South China Morning Post
25-06-2025
- South China Morning Post
Vietnamese tycoon Truong My Lan escapes death penalty, to serve life in jail
Vietnamese real estate tycoon Truong My Lan, who masterminded a US$12.5 billion banking fraud , has avoided the gallows after the government on Wednesday scrapped the death penalty for eight crimes, including embezzlement. Lan, the chairwoman of property giant the Van Thinh Phat Group, was sentenced to death last year on embezzlement and bribery charges. Her lawyer said the sentence 'will be converted to life imprisonment' after the National Assembly abolished capital punishment for eight offences, which included espionage, corruption, and an attempt to overthrow the government. Giang Hong Thanh added that Lan was 'very happy'. Lan was convicted last April of using multiple ghost companies to gain control of the Saigon Commercial Bank (SCB), plundering US$12.5 billion from the lender. But total damages caused by the fraud may have hit US$27 billion, according to prosecutors. In May, an appeal court ruled that Lan, 68, could escape the death penalty if she paid back three-quarters of the amount stolen.
The Star
13-05-2025
- Business
- The Star
Vietnam tycoon seeks to manage her assets from prison, media reports
HANOI: Vietnamese property tycoon Truong My Lan sent a letter from her prison cell asking authorities to reevaluate the wealth of her assets, as she seeks to pay back some of the billions embezzled and avoid the death penalty. The 68-year-old petitioned the steering committee responsible for recovering funds tied to her property empire, asking it to reassess the market price of 726 assets that she claims are undervalued, according to news website Thanh Nien. Lan said the company appointed to evaluate her assets, which includes prime real estate locations in central Ho Chi Minh City, had estimated their worth at around 253.5 trillion dong (US$9.7 billion), which she said was well below market value. She also asked officials to consider incorporating a further 440 assets which are currently excluded from assessment. Lan was sentenced to death last April after being found guilty of embezzling $12.3 billion from Saigon Commercial Bank, Vietnam's largest-ever fraud case. She also faces decades behind bars after being found guilty on charges including money laundering in a second trial. Prosecutors had told the former chairwoman of Van Thinh Phat Group she must repay an estimated $11 billion to avoid the death penalty. During court proceedings, her lawyers said she has been working to pay back thousands of bondholders and hundreds of millions in stolen bank funds. The real estate mogul's downfall captured global attention due to the severity of the sentence and the vast sums of money involved. She has become the most high-profile case of the ruling Communist Party's corruption crackdown, which has led to the detention of scores of senior officials and business executives. In her request to authorities, Lan also asked the committee to allow her to be involved in the process of asset valuation and handling, with the goal of getting the greatest financial returns for the State. - Bloomberg
Nikkei Asia
21-04-2025
- Nikkei Asia
Vietnamese tycoon Truong My Lan's life sentence cut to 30 years
HANOI -- Judges in Vietnam on Monday reduced the life sentence of disgraced Vietnamese tycoon Truong My Lan to 30 years in prison on appeal. Lan, former chairwoman of property developer Van Thinh Phat Group, was once one of Vietnam's richest people, owning prime assets across the country. She was arrested in 2022 and sentenced to death and life imprisonment in two separate trials for her financial crimes.
