Death row property tycoon Truong My Lan gets life sentence for additional fraud charges

Truong My Lan, the property tycoon and former chairwoman of Van Thinh Phat Group, has been sentenced to life in prison for financial fraud, following her death sentence in a separate trial in April. The People's Court of Ho Chi Minh City found her guilty of fraudulent asset appropriation, money laundering, and illegal cross-border money transfers. Lan and her accomplices were involved in the illegal issuance of VND30 trillion ($1.2 billion) worth of bonds, purchased by 35,800 investors, primarily customers of Saigon Commercial Bank (SCB).

The court ruled that Lan laundered VND445 trillion, embezzled from SCB, and defrauded bond investors. Additionally, she was convicted of sending and receiving $4.5 billion illegally from overseas. Despite her legal team’s argument that she unknowingly committed the crimes, the court concluded that the nature of her actions demonstrated intent to defraud.

This trial marks the second major legal case against Lan this year. In her first trial in April, she was sentenced to death for embezzling VND677 trillion from SCB, a verdict she is currently appealing. During her second trial, Lan acknowledged the charges but maintained she did not mastermind the bond issuance and did not intend to defraud investors. She promised to use her assets to compensate victims and reflected on the trial as a personal and professional downfall.