Property tycoon Truong My Lan is seen at the People’s High Court of Ho Chi Minh City in November 2024. Photo by VnExpress/Quynh Tran
Lawyers of property tycoon Truong My Lan have told the court that confiscated assets worth VND700 trillion (US$27.55 billion) are “enough” to compensate the losses caused by Lan to Saigon Commercial Bank.
Citing HCMC’s latest land price references, the lawyers on Monday claimed the current value of these properties has increased three to five times compared to when the investigation began.
They requested the People’s High Court of HCMC to re-evaluate the assets to reflect their updated worth.
The lawyers also highlighted interest from foreign investors in Lan’s projects, asserting that their investments could aid in compensating SCB.
One foreign investor has sought permission from the State Bank of Vietnam to loan Lan funds to release a mortgaged building in Hanoi.
Another investor is willing to pay VND40 trillion to buy Lan’s property project in Binh Chanh District.
“If Lan is sentenced to death, she will not be able to collaborate with these foreign investors to repay SCB,” Lan’s lawyers said.
Lan, the chairwoman of property developer Van Thinh Phat who is appealing her death sentence awarded for embezzling SCB over the course of 10 years, told the court Monday that she found “unusual” numbers in the latest documents that she was granted access to.
Lan claimed that the amount she was accused of embezzling from SCB was inaccurate. She stated that VND125 trillion in loans owed by SCB customers had been mistakenly linked to her, as these loans were issued prior to her involvement in the bank’s restructuring.
“These figures have absolutely nothing to do with me. I cannot be accused of stealing money from the bank because of these loans,” she said.
In April Lan was found guilty of masterminding a plan to embezzle VND677 trillion ($27 billion) from SCB.
Last month, in a separate trial, she was awarded a life sentence for “fraudulent appropriation of assets” through bond issuances and illegal cross-border money transfers among other crimes.
