On April 11, 2024, the People's Court of Ho Chi Minh City sentenced 68-year-old Ms. Truong My Lan, the chairwoman of the board of directors of Van Thinh Phat Group, and 84 other defendants in a case related to Van Thinh Phat Group, Saigon Commercial Joint Stock Bank (SCB), and related organizations. Specifically, the trial panel sentenced Ms. Truong My Lan to life imprisonment for embezzlement, 2 years in prison for bribery, and 2 years in prison for violating lending regulations of credit institutions. The total sentence for Lan is the death penalty. Additionally, the court ordered Lan to repay SCB the remaining debt of 1243 loans. As of mid-October 2022, this amounts to over 673.8 trillion dong.
In addition, Lan must pay approximately 673 billion dong in civil litigation costs. Apart from Lan, the court also sentenced life imprisonment for embezzlement to three other defendants, including Mr. Bui Anh Dung, former chairman of the board of directors of SCB, Mr. Vo Tan Hoang Van, former CEO of SCB, and Mr. Dinh Van Thanh, former chairman of the board of directors of SCB. Thanh is currently a fugitive and was tried in absentia. The trial panel also sentenced Ms. Doi Thi Nhan, former director of the State Bank's Inspection and Supervision Department, to life imprisonment for accepting bribes. During the trial, the panel collected notebooks from Lan's assistants showing that 108,000 trillion dong and 14.7 million dollars were transferred to the Van Thinh Phat building, originating not only from SCB but also from bonds. Therefore, the trial panel requested the Ministry of Public Security and the Supreme People's Procuracy to further investigate any misconduct related to these funds for further legal action in the second phase. Additionally, the court found that Lan used SCB's money to invest in various projects without clear legal documentation. Therefore, the trial panel recommended that investigative agencies continue to verify real estate and projects related to Lan that have not been resolved in the case in order to determine the true nature and handle them according to the law to ensure collateral and mitigate consequences.
Handling of Seized Massive Assets
During the trial, the People's Court of Ho Chi Minh City ruled that SCB would continue to manage and dispose of 1122 pledged assets. In the process of recovering debts from these assets, if there is a surplus, SCB will collaborate with the Economic Police Department C03 and the Ministry of Public Security to determine which assets belong to Truong My Lan to ensure her other compensation obligations in the case. Additionally, the court confiscated 4.8 million dollars that defendant Do Thi Nhan had received as a bribe. Nhan was also required to pay an additional fine of 400,000 dollars to the state budget. Furthermore, the trial panel ordered Nhan and other defendants to return any money, assets, or stocks they received from Lan to ensure Lan's responsibilities. The court also temporarily seized real estate shares with land use rights certificates, savings books of companies under Van Thinh Phat Group, registered in the names of ownership or other individuals to ensure enforcement of the judgment. The court's decision also determined that the assets and money used to ensure Lan's obligations in the entire case, including this case and other cases in the second phase, would be prioritized for the victims related to Lan's fraudulent activities, involving over 30,000 people.
According to the trial panel, regarding the building at 70 Nguyen Hue that Van Thinh Phat Group rented to SCB, the court identified this as Truong My Lan's property and continued to seize it to ensure Lan's compliance with the judgment. As for the villa worth 700 billion dong at 110-112 Vo Van Tan that Lan requested to return to her family, the court found that the red book and Lan's daughter, Chu Duyet Phan, who requested the removal of the seizure, had not been recovered. However, the court determined that the shareholders of the company owning this villa were actually Lan's descendants, so it remained Lan's property. Therefore, the court continued to seize it to ensure Lan's compensation obligations. This property could only be renovated with permission from the Ho Chi Minh City People's Committee without changing its current status. Furthermore, companies TH Ha Long and Au Lac received over 6.90 billion dong from Lan to transfer 18 million shares, which originated from SCB, so they were required to return the 6.90 billion dong to SCB. The trial panel noted that Lan had a significant compensation obligation but her assets were insufficient to cover it. Regarding the seized assets of defendant Truong Hue Van, Lan's granddaughter, the trial panel determined that Van, who had been raised by Lan since childhood, was essentially a property of the chairman of Van Thinh Phat. Therefore, the court continued to seize it to ensure the final execution of the judgment with the seized assets related to the case. The trial panel decided to maintain these measures and also lifted the seizure of assets unrelated to the case.
Attitude of Lan Upon Hearing the Verdict
On the day of the verdict, Truong My Lan was escorted to court with a similar appearance to the opening day of the trial. She wore a familiar white shirt and her hair was shoulder-length, sometimes smiling at the cameras of journalists. She no longer cried as she did when speaking for the last time via a blurry television screen. Journalists wondered how an ordinary person would feel when facing the death penalty? In the morning of the same day, when the trial panel read the assessment of the defendants' actions, emphasizing the need for the strictest punishment, Lan turned around causing a commotion. When the court pronounced the death penalty, police officers were mobilized to stand close to Lan, supporting her, but she stood firm without assistance. Throughout the rest of the trial, Lan stood listening to the verdict for other defendants with an uncertain look, hands hanging loosely or crossed in front of her chest, occasionally running her fingers through her hair. No one could truly know the emotions of the woman once known as tearless and strong-willed before the death sentence.
Final Words of Other Defendants
Defendant Do Thi Nhan, former director of the State Bank's Inspection and Supervision Department, wore a white shirt similar to the day she made her final statement. When the court pronounced the life sentence, she was almost exhausted, closing her eyes and leaning on the officers escorting her. Throughout the trial, Nhan only removed her mask when speaking, and most of the images captured her bowing her head, occasionally leaning on the escorts. Besides the 5.2 million dollars in bribes she received in this case, considered the largest to date, she repeatedly mentioned feeling ashamed and humiliated when discussing her actions. Defendant Nguyen Van Hung had to brace himself against the chair to stand firm when the trial panel sentenced him to 11 years in prison. Throughout the trial, Hung and Nhan continuously argued and shifted blame for covering up SCB's wrongdoings. However, in his final statement, Hung still requested the trial panel to consider leniency for his former colleagues, with whom he had a superior-subordinate relationship before going to court.
Is this the end for Lan?
Lawyer Hoang Trong Giap, director of Hoang Sa Law Company, Hanoi Lawyers' Delegation, believes that receiving the death penalty at the first instance is not the end for Truong My Lan. This is because the ruling is not yet effective, and Lan still has the right to appeal within 15 days. The Procuracy can also protest if they find the verdict unsatisfactory. Even if Lan appeals and the death penalty is upheld in the appellate court, Lan can still petition the President for clemency. Lawyer Giap expressed regret that a businesswoman who had made significant contributions to society like Truong My Lan could go astray like this. Regarding the just-announced verdict, Lawyer Hoang Trong Giap believes it is appropriate according to the law and commensurate with the actions of Truong My Lan and her accomplices. Due to the significant damage in the case, which negatively impacted public opinion, harmed the economy, and eroded people's trust, especially those who deposited money in SCB, Lawyer Giap analyzed that if Truong My Lan appeals the first-instance verdict, the period from now until the appellate trial will be crucial. During this time, if Lan actively mitigates the consequences, provides new evidence to show goodwill, the appellate court could consider reducing the death penalty to life imprisonment.