The court ordered Truong My Lan to compensate more than 30,000 billion to 35,824 victims.

Regarding civil liability, the People's Court of Ho Chi Minh City ordered defendant Truong My Lan (Chairwoman of the Board of Directors of Van Thinh Phat Group) to compensate 35,824 victims with a total amount of VND 30,081,509,700,000 (more than VND 30,000 billion).

The defendants at the trial. Photo: HOANG HUNG

On October 17, the Ho Chi Minh City People's Court sentenced 34 defendants in a case of fraud, money laundering, and illegal cross-border currency transportation that occurred at Van Thinh Phat Group, Saigon Commercial Joint Stock Bank (SCB) and related organizations.

According to the Court, there is sufficient evidence to determine that defendant Truong My Lan illegally transported more than 4.5 billion USD (about 106,730 billion VND) across the border in 10 years; laundered more than 445,000 billion VND and defrauded 35,824 victims through the form of issuing fake bonds, appropriating more than 30,000 billion VND.

Defendant Truong My Lan (Chairwoman of the Board of Directors of Van Thinh Phat Group). Photo: HOANG HUNG

The jury sentenced defendant Truong My Lan (Chairwoman of the Board of Directors of Van Thinh Phat Group) to life in prison for "Fraudulent appropriation of property", 12 years in prison for "Money laundering", and 8 years in prison for "Illegal transportation of currency across the border". In total, the court sentenced defendant Truong My Lan to life in prison in the second case in which she was tried at first instance.

The panel of judges read the verdict. Photo: HOANG HUNG

Regarding the handling of evidence and assets seized in the case, the Trial Panel decided: Regarding the voluntary compensation payments of the defendants, individuals and organizations related to the case, they will continue to be temporarily detained to ensure the compensation obligation of the defendant Truong My Lan.

As for the assets and objects of the defendants related to the crime, they will continue to be temporarily detained and recovered to ensure execution of the judgment. As for the real estate, accounts, shares and stocks of the defendant Truong My Lan or of Van Thinh Phat Group, they will be recovered or continue to maintain the order of seizure, blockade and prevention of transactions to ensure the obligation to execute the judgment.

For some assets and evidence that have not yet been verified and have not yet clarified their legality, the Trial Council will transfer them to the Investigation Police Agency (C03) - Ministry of Public Security for further clarification and settlement according to the provisions of law.

Propose a plan to pay principal and interest to investors who buy bonds

According to the verdict, the Court recommended that the Ministry of Finance and the State Securities Commission advise on amending and supplementing legal provisions related to the issuance of individual corporate bonds, ensuring strict conditions for bond issuance, and taking measures to inspect and supervise the use of mobilized capital and resources to ensure payment obligations to bondholders.

The judge and the presiding judge of the trial made many recommendations. Photo: HOANG HUNG

Recommend TVSI Securities Company; SCB Bank and bond issuing companies to have a plan to pay principal and interest to investors who purchased bond codes Van Truong Phat, Bong Sen, Tan Thanh Long An , Quang Thuan (code QT.H2025), Thien Phuc (THP.H2025)... At the same time, recommend the Ministry of Finance, the State Securities Commission and the Hanoi Stock Exchange (HNX) to have measures to monitor and urge the implementation of payment obligations of the above bond packages according to the provisions of law.

Recommend the State Bank, the Banking Inspection and Supervision Agency and competent authorities to advise on amending and supplementing legal regulations in the field of international money transfer, ensuring strict conditions for money transfer, and taking measures to inspect and supervise credit institutions performing international payment operations.

THANH CHUNG - CHI THACH

Source: https://www.sggp.org.vn/toa-tuyen-buoc-truong-my-lan-boi-hoan-hon-30000-ty-cho-35824-bi-hai-post764112.html