Property tycoon Truong My Lan has appealed her life sentence given in October for defrauding VND30 trillion (US$1.2 billion) from thousands of bond investors.
20 other people linked to the illegal bond issuances also appealed, including Lan’s niece Truong Hue Van – CEO of property management firm Windsor, the People’s Court of HCMC said Thursday.
The detail of Lan’s appeal has not been revealed.
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Property tycoon Truong My Lan seen at the People’s High Court of Ho Chi Minh City in December 2024. Photo by VnExpress/Quynh Tran |
Her husband, Hong Kong property tycoon Eric Chu, did not appeal his two-year prison sentence for money laundering.
The court of first instance in October gave Lan the life sentence for fraudulent appropriation of assets, money laundering and illegal cross-border money transfers.
She was found guilty of masterminding a fradulent bond issuance plan to 35,800 investors, most of them had never been paid.
The court also found her guilty of laundering money worth VND445 trillion which she embezzled from SCB and from defrauding bond investors.
She and her accomplices are guilty of illegally sending and receiving received $4.5 billion from overseas.
She was also given a death sentence for embezzling money from Saigon Commercial Bank over the course of 10 years.
