Latest news with #TruongMyLan
The Star
14-05-2025
- Business
- The Star
Death row tycoon vows to turn empire into ‘golden goose'
Relentless legal battle: Lan (right) at a court hearing in Ho Chi Minh City in this file photo. — AFP A PROPERTY tycoon trying to avoid a death sentence for multi-billion-dollar fraud has promised to turn her property empire into a 'golden goose' to help pay back the assets she embezzled, her lawyer said. Property developer Truong My Lan lost an appeal in December against the death penalty in a case in which she was found guilty of stealing money from Saigon Commercial Bank (SCB) and fraud amounting to US$27bil (RM116bil). The appeal court ruled there was no basis to reduce her sentence but said she could still escape the death penalty if she paid back three-quarters of the amount stolen. In a letter sent from jail to a state-controlled committee handling her properties, Lan said her assets have been significantly undervalued, causing potential losses to the state and affecting her rights, her lawyer Giang Hong Thanh said. Lan said the government-appointed company that valued 726 of her assets, several of them real estate projects in prime areas of Vietnam's biggest cities, had estimated their worth at around US$9.7bil (RM42bil). But Lan argued in the wake of new land price guidelines issued by authorities in Ho Chi Minh City, where most of the projects are situated, that their value had likely increased by three to five times. She added that if her other 440 assets were valued, the state could collect another US$7.7bil (RM33bil) at least. 'I believe that with my 30-year experience in the real estate business and my thorough legal understanding, I could turn most of the assets into a golden goose so that the state can recover the costs,' Lan wrote in her letter, pleading for authorities to allow her involvement. Tens of thousands of people who invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims. In a second appeal trial in April, Lan's life sentence in a separate US$17bil (RM73bil) money laundering case was cut to 30 years. Prosecutors said she had repaid a quarter of the US$1.2bil (RM5.2bil) she defrauded from thousands of bond investors. — AFP
The Star
13-05-2025
- Business
- The Star
Vietnam tycoon seeks to manage her assets from prison, media reports
HANOI: Vietnamese property tycoon Truong My Lan sent a letter from her prison cell asking authorities to reevaluate the wealth of her assets, as she seeks to pay back some of the billions embezzled and avoid the death penalty. The 68-year-old petitioned the steering committee responsible for recovering funds tied to her property empire, asking it to reassess the market price of 726 assets that she claims are undervalued, according to news website Thanh Nien. Lan said the company appointed to evaluate her assets, which includes prime real estate locations in central Ho Chi Minh City, had estimated their worth at around 253.5 trillion dong (US$9.7 billion), which she said was well below market value. She also asked officials to consider incorporating a further 440 assets which are currently excluded from assessment. Lan was sentenced to death last April after being found guilty of embezzling $12.3 billion from Saigon Commercial Bank, Vietnam's largest-ever fraud case. She also faces decades behind bars after being found guilty on charges including money laundering in a second trial. Prosecutors had told the former chairwoman of Van Thinh Phat Group she must repay an estimated $11 billion to avoid the death penalty. During court proceedings, her lawyers said she has been working to pay back thousands of bondholders and hundreds of millions in stolen bank funds. The real estate mogul's downfall captured global attention due to the severity of the sentence and the vast sums of money involved. She has become the most high-profile case of the ruling Communist Party's corruption crackdown, which has led to the detention of scores of senior officials and business executives. In her request to authorities, Lan also asked the committee to allow her to be involved in the process of asset valuation and handling, with the goal of getting the greatest financial returns for the State. - Bloomberg
Bloomberg
13-05-2025
- Business
- Bloomberg
Vietnam Tycoon Seeks to Manage Her Assets From Prison, Media Reports
Vietnamese property tycoon Truong My Lan sent a letter from her prison cell asking authorities to reevaluate the wealth of her assets, as she seeks to pay back some of the billions embezzled and avoid the death penalty. The 68-year-old petitioned the steering committee responsible for recovering funds tied to her property empire, asking it to reassess the market price of 726 assets that she claims are undervalued, according to news website Thanh Nien.
South China Morning Post
13-05-2025
- Business
- South China Morning Post
Vietnam tycoon offers property empire to avoid death penalty in US$27 billion bank fraud
Vietnamese property tycoon trying to avoid a death sentence for multibillion-dollar fraud has promised to turn her property empire into a 'golden goose' to help pay back the assets she embezzled, her lawyer said on Tuesday. Property developer Truong My Lan lost an appeal in December against the death penalty in a case in which she was found guilty of stealing money from Saigon Commercial Bank and fraud amounting to US$27 billion. The appeal court ruled there was no basis to reduce her sentence but said she could still escape the death penalty if she paid back three-quarters of the amount stolen. In a letter sent from jail to a state-controlled committee handling her properties, Lan said her assets have been significantly undervalued, causing potential losses to the state and affecting her rights, her lawyer Giang Hong Thanh said. Businesswoman Truong My Lan attends a trial in Ho Chi Minh City, Vietnam in April 2024. Photo: AFP Lan said the government-appointed company that valued 726 of her assets, several of them real estate projects in prime areas of Vietnam's biggest cities, had estimated their worth at around US$9.7 billion.
CNA
13-05-2025
- Business
- CNA
Vietnam death row tycoon promises to turn properties into 'golden goose'
HANOI: A Vietnamese property tycoon trying to avoid a death sentence for multi-billion-dollar fraud has promised to turn her property empire into a "golden goose" to help pay back the assets she embezzled, her lawyer said on Tuesday (May 13). Property developer Truong My Lan lost an appeal in December against the death penalty in a case in which she was found guilty of stealing money from Saigon Commercial Bank (SCB) and fraud amounting to US$27 billion. The appeal court ruled there was no basis to reduce her sentence but said she could still escape the death penalty if she paid back three-quarters of the amount stolen. In a letter sent from jail to a state-controlled committee handling her properties, Lan said her assets have been significantly undervalued, causing potential losses to the state and affecting her rights, her lawyer Giang Hong Thanh told AFP. Lan said the government-appointed company that valued 726 of her assets, several of them real estate projects in prime areas of Vietnam's biggest cities, had estimated their worth at around US$9.7 billion. But Lan argued in the wake of new land price guidelines issued by authorities in Ho Chi Minh City, where most of the projects are situated, their value had likely increased by 3 to 5 times. She added that if her other 440 assets were valued, the state could collect another US$7.7 billion at least. "I believe that with my 30-year experience in the real estate business and my thorough legal understanding ... I could turn most of the assets into a golden goose so that the state can recover the costs," Lan wrote in her letter, pleading for authorities to allow her involvement. Tens of thousands of people who invested their savings in SCB lost money, shocking the communist nation and prompting rare protests from the victims. In a second appeal trial in April this year, Lan's life sentence in a separate US$17-billion money laundering case was cut to 30 years.
