Brian Jeffrey
Overview of Recent Court Ruling
The High People’s Court in Ho Chi Minh City has confirmed a death sentence for Truong My Lan during a significant appeal trial.
Details of the Verdict
On December 3, the court upheld Lan’s death penalty based on embezzlement charges, while modifying some of her other convictions. Her previous sentence for “violating lending regulations” was reduced from 20 years to 16 years, but the 20-year sentence for “bribery” remains intact. Altogether, these sentences lead to her death penalty.
Decisions on Co-Defendants
Do Thi Nhan’s appeal was rejected, maintaining her life sentence for “accepting bribes.” Other defendants also had their sentences modified, such as Vo Tan Hoang Van, ex-CEO of SCB Bank, whose lending violation sentence decreased from 19 to 16 years; however, his life sentence for embezzlement remains unchanged.
Chu Lap Co’s sentence was cut from 9 to 7 years for banking violations. Other notable reductions included:
- Truong Hue Van: from 17 to 13 years
- Truong Khanh Hoang (former SCB Bank acting CEO): from 18 to 17 years
- Tran Thi My Dung (former SCB Deputy CEO): from 16 to 15 years
Nguyen Cao Tri, former Chairman of Capella Holdings, had a sentence reduction from 8 to 6 years for “abusing trust,” while Tran Thi Kim Chi’s sentence went from 4 years to a 3-year suspended term.
Further Developments
Thirty-nine additional defendants received varying reductions between three months and three years.
Asset Seizures and Financial Repercussions
The court stated that properties on Tran Cao Van Street belong to Truong My Lan and will stay seized. Lan’s appeal for the return of VND 5 trillion (about $205 million) related to SCB Bank was denied, as the funds were used in SCB’s operations back in 2021. Her request to negate VND 673 billion (around $27.5 million) in court fees was also turned down.
Lan is ordered to compensate SCB Bank with VND 673 trillion ($27.5 billion). Moreover, 1,121 pledged assets tied to 1,243 loans will be handled by SCB in collaboration with enforcement authorities. The seizure of 658 assets from the Van Thinh Phat Group, as well as Lan’s personal properties and yachts, was also confirmed.
Options for Appeal
Lan has the right to seek clemency from the President within seven days of the ruling’s enactment. Should she cooperate fully and make reparations for three-fourths of the total damage, her sentence could potentially be reduced from death to life imprisonment.
