On March 26, 2025, the appellate panel in the Van Thinh Phat case continued its proceedings, focusing on the testimony of Truong My Lan, the 69-year-old Chairwoman of the Van Thinh Phat Group. Lan, who was sentenced to life imprisonment for her involvement in a massive fraud scheme, expressed her deep emotional turmoil during the hearing, asserting that the accusations against her as the mastermind of the fraud are unfounded.
Lan's legal troubles stem from her conviction on three counts: fraudulent appropriation of property, money laundering, and illegally transporting currency across borders. During the hearing, she maintained her appeal against the life sentence handed down by the first-instance court in Ho Chi Minh City, arguing that the court's findings regarding her actions were incorrect.
"I have been in business for 50 years and have always been grateful to the country; I have never violated the law," Lan stated, emphasizing that her family has never engaged in fraudulent or deceitful acts. She expressed a desire for the court to allow her to rectify the consequences of the case, highlighting her willingness to compensate for any damages incurred.
Lan's legal team has argued that the initial verdict inaccurately represented her role in the financial dealings of the Van Thinh Phat Group, particularly regarding the issuance of bonds. The court found that she was responsible for over 445,000 billion VND in money laundering, but Lan contended that not all of this amount was linked to her personal actions. She claimed that a significant portion of the funds was used to pay off debts owed to the Saigon Commercial Bank (SCB), which she insisted should be clarified.
In her testimony, Lan stated, "If I have appropriated anything, I am willing to return it." This statement came as she reiterated her position that the funds transported by her driver, Bui Van Dung, were used to settle debts with SCB, rather than for personal gain. Dung was accused of transporting a staggering 108,878 billion VND and 14.7 million USD from SCB headquarters to the Sherwood Building, where it was allegedly distributed according to Lan's directives.
Lan's defense also sought to clarify that the Van Thinh Phat Group had no direct transactions with SCB, asserting that it only lent assets to the bank. This point is crucial in her argument against the charges of fraudulent bond issuance, which the court determined involved 25 different bond codes issued across four companies within the group: An Dong, Sunny World, Quang Thuận, and Setra.
During the proceedings, Lan expressed her frustration with the characterization of her actions. She stated, "The first-instance judgment is not correct; I only bear responsibility for over 28,000 billion VND, while 25,000 bondholders are requesting refunds." She urged the court to consider the plight of the bondholders, many of whom trusted SCB, and called for the bank's cooperation in resolving the financial fallout.
Lan’s emotional appeal was punctuated by tears as she implored the judges to show leniency towards her co-defendants, who she described as mere salaried employees caught up in the scandal. "They are not self-serving; they were just doing their jobs," she argued, hoping for mercy on their behalf.
The case has drawn significant public interest, not only due to the staggering sums involved but also because of the implications for the financial sector in Vietnam. The Van Thinh Phat Group's alleged fraudulent activities have raised questions about regulatory oversight and the responsibilities of financial institutions.
As the court session unfolded, Lan reiterated her commitment to compensating the victims of the fraud, stating, "I am ready to make things right, but SCB must cooperate." Her insistence on the necessity of SCB's involvement highlights the complex web of financial transactions and obligations at the heart of the case.
The appellate court is expected to continue hearing testimonies and examining evidence in the coming days, with many stakeholders closely monitoring the proceedings. The outcome of this high-profile case could have far-reaching consequences for those involved and for the broader business landscape in Vietnam.
With the stakes so high, the courtroom drama continues to unfold, leaving many to wonder what the final verdict will be and how it will affect the lives of those caught in this financial scandal.
