Truong My Lan’s life sentence reduced to 20-year jail term in 2nd phase of Van Thinh Phat case
The appellate court lowered Lan’s sentence for fraud from life to 20 years in prison, while maintaining her sentences for money laundering and illegal cross-border money transfers. However, as the death penalty issued in the first phase has already taken legal effect, Lan is still subject to the death sentence.
HCM City (VNA) ဣ– The High-level People’s Court in Ho Chi Minh City on April 21 reduced the life sentence to 20 years imprisonment for Truong My Lan, former Chairwoman of Van Thinh Phat Group, at the appeal trial for the second phase of a major financial crime case involving the conglomerate and the Saigon Commercial Joint Stock Bank (SCB).
Previously, on October 17, 2024, the first-instance trial of the second phase sentenced Lan to life imprisonment for "fraudulent appropriation of assets", 12 years for "money laundering", and eight years for "illegal cross-border money transfers", with a total sentence of life imprisonment. Thirty-three other defendants received sentences ranging from 2 to 23 years.
The court affirmed Lan’s central role in orchestrating all three offences, with the other defendants identified as accomplices. It ruled that the first-instance verdict had accurately assessed the legal responsibilities and severity of the crimes.
On April 3, prosecutors informed the court that authorities have so far collected 8 trillion VND (309.2 million USD) worth of assets from Lan. Additional funds amounting to approximately 15 trillion VND will be collected from other organisations and individuals in the coming time. Citing this development, prosecutors proposed a reduction of her sentence for fraudulent appropriation, noting her remorse and voluntary efforts to repay the damage.
Accepting the recommendation, the appellate court lowered Lan’s sentence for fraud from life to 20 years in prison, while maintaining her sentences for money laundering and illegal cross-border money transfers. However, as the death penalty issued in the first phase has already taken legal effect, Lan is still subject to the death sentence.
In terms of civil liability, the court affirmed that all proceeds from the illegal bond issuances were ultimately used by Lan for personal purposes, making her fully responsible for compensating the losses. The court ordered continued seizure of assets belonging to Lan and her family to ensure the enforcement of the judgment.
As for other key defendants, the court upheld the original sentence of Vo Tan Hoang Van (former SCB CEO): 12 years for fraudulent appropriation and 5 years for illegal money transfers. With his life sentence from phase one, Van must continue to serve his life imprisonment.
The original 10-year sentence for Bui Anh Dung, former SCB Chairman, was also maintained, leaving him with a life sentence when combined with the earlier verdict.
Chu Nap Kee Eric, Lan’s husband and former Chairman of Times Square Investment Corporation, saw his sentence for money laundering reduced from two years to one. Together with a prior seven-year sentence, he now faces a total of eight years in prison.
The court also reduced prison terms by one to two years for 23 other defendants, citing additional efforts to compensate losses, limited involvement in the crimes, difficult family circumstances, and past contributions to the revolution./.
At the ongoing appeal trial for the second phase of the high-profile case involving Van Thinh Phat Group and Saigon Commercial Joint Stock Bank (SCB, Truong My Lan is appealing the entire verdict, challenging her convictions for "fraudulent appropriation of assets" (embezzling nearly 30.08 trillion VND – from 35,824 secondary investors), "money laundering" (involving 445.75 trillion VND), and "illegal cross-border money transfers" (4.5 billion USD).
The High People’s Court in Ho Chi Minh City on November 4 opened the appellate trial for the case involving property developer Van Thinh Phat Group and Saigon Commercial Joint Stock Bank (SCB).
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