On December 3, the Ho Chi Minh City High People's Court delivered its verdict in the appeal trial of Truong My Lan (Chairwoman of the Board of Directors of Van Thinh Phat Group) and 47 other defendants involved in the case concerning Van Thinh Phat Group, SCB, and related organizations. The court accepted part of the appeals from Truong My Lan and 43 other defendants but rejected the appeals of Do Thi Nhan and three other defendants.
The court upheld the first-instance verdict, which found the defendants guilty of violations related to loan regulations, bribery, and embezzlement. Truong My Lan was determined to have control over SCB and exploited this position to instruct bank leaders to withdraw funds, embezzling over VND677 trillion (US$26.65 billion), causing significant harm. The first-instance court sentenced her to death for embezzlement, with 20 years for violating loan regulations and bribery.
Under Article 40 of the 2015 Criminal Code and Resolution 03 of the Supreme People's Court, defendant Truong My Lan must recover at least three-quarters of the embezzled amount (VND304 trillion) and actively cooperate with authorities in order to have her sentence reduced from death to life imprisonment.
During the appeal trial, Truong My Lan presented new mitigating factors, such as expressing remorse and contributing assets, including the 6A Binh Chanh project and 658 uncollateralized asset codes, as part of her efforts to remedy the consequences. However, the court found the damages to be extremely severe and concluded that it was insufficient grounds to reduce her sentence from death to life imprisonment, as the assets lacked proper legal value.
As a result, the court sentenced Truong My Lan to 16 years for violating loan regulations, 20 years for bribery, and upheld the death sentence for embezzlement. Other defendants, including Chu Lap Co (Truong My Lan’s husband), Truong Hue Van (General Director of Windsor Company, Lan's niece), Nguyen Cao Tri (General Director of Cappela Group), Duong Tan Truoc (General Director of Tuong Viet Company), and several SCB leaders, received reduced sentences.
Regarding the request to reclaim VND5 trillion in SCB's increased charter capital from Truong My Lan and related shareholders, the panel of judges stated that this matter has not been investigated, prosecuted, or tried, and therefore, there is no basis for a ruling. Affected parties may file a civil lawsuit to protect their rights.
Former Director Do Thi Nhan sentenced to life imprisonment for "Receiving Bribes"
Regarding defendant Do Thi Nhan, the former Director of SBV’s Department II of the Banking Supervisory Agency, the panel of judges acknowledged her new mitigating circumstances. However, they emphasized that the severity of her actions was particularly serious, affecting the policies of the Party and the State. Her conduct also created conditions for defendant Lan to commit crimes, causing significant and unresolved damage. Therefore, the court rejected Nhan's appeal for a reduced sentence from life imprisonment.
For the defendants involved in the SCB inspection team, the judges considered their remorse, work accomplishments, and voluntary restitution of funds. Although they were not liable for civil damages, the panel decided to reduce their sentences.
