After more than two weeks of work, on October 4, the trial of Truong My Lan, former Chairwoman of the Board of Directors of Van Thinh Phat Group, and 33 accomplices entered the debate phase.
The Procuracy representative at the court indicted and proposed sentences for the defendants including a life sentence for Truong My Lan. Of the defendants, 29 were accused of fraud and misappropriation of property acting as accomplices of principal offender Truong My Lan.
From 2018 to 2020, Truong My Lan orchestrated a scheme involving several co-defendants who utilized four companies—An Dong, Sunny World, Quang Thuan, and Setra—to issue 25 fraudulent bond codes. This operation resulted in the issuance of 308,691,388 bonds, attracting capital from 35,824 secondary investors and generating over VND30 trillion. The funds raised were allocated for various purposes unrelated to the intended bond issuance, ultimately leading to an inability to fulfill bond repayment obligations.
Additionally, from October 27, 2012 to October 7, 2022, Truong My Lan and her associates created fictitious contracts for the buying and selling of shares and capital contributions, as well as consulting agreements between Vietnamese companies and foreign entities. These contracts facilitated the transfer of a total of US$4.5 billion which is approximately VND106,730 billion between Vietnam and other countries.
During the trial, although defendant Truong My Lan expressed her willingness to utilize all her assets to address the repercussions of her actions, the court jury arrived at a fitting sentence after they considered the severity of the consequences, which significantly disrupted social order.
The Procuracy recommended that the judges impose a life sentence on Truong My Lan for the offense of "Fraudulent appropriation of property," along with a prison term of 12 to 13 years for "Money laundering" and 8 to 9 years for "Illegal transportation of currency across the border." The cumulative recommendation amounts to a life sentence.
In the first phase of the case, the owner of Van Thinh Phat received a death sentence for "Embezzlement of property" and is currently awaiting an appeal.
The co-defendants involved in the "Fraudulent appropriation of property" alongside Lan, who are also her relatives, include Truong Hue Van - a niece of defendant Truong My Lan. A sentence of 7 to 8 years is proposed for Van. Meanwhile Chairwoman of the Board of Directors of An Dong Investment Group Joint Stock Company Ngo Thanh Nha - Truong My Lan's sister-in-law – was proposed to get 7 to 8 year imprisonment.
Truong Wincent Kinh, the chairman of Saigon Peninsula Group and cousin of Truong My Lan, is facing a proposed prison sentence of 7 to 8 years.
Finally, Lan's husband - Chu Nap Kee Eric - is also facing charges and has been recommended for a sentence of 24 to 30 months for money laundering.
