On the afternoon of March 26, the appellate hearing for the second phase of the Van Thinh Phat case continued with the questioning session.

During her statement in court, defendant Truong My Lan maintained her appeal and rejected the life sentence imposed by the lower court.

Although she did not elaborate on the grounds for her appeal, Lan expressed gratitude to the nation, saying, "Everyone makes mistakes, but my family has never been involved in deceitful or fraudulent acts."

Lan emphasized her willingness to take responsibility and fully compensate for the damages. She urged the court to clarify that Van Thinh Phat Group had no transaction with SCB Bank, but merely lent assets.

Disputing liability over bond issuance

 
Lan disputed the first-instance verdict that accused her of using fraudulent methods to issue 25 bond codes through four companies affiliated with Van Thinh Phat Group: An Dong, Sunny World, Quang Thuan, and Setra, leaving more than $1.28 billion (30 trillion VND) in debt owed to over 35,000 victims.

She argued that $67 million (1.6 trillion VND) issued by SHB Bank should be deducted from this amount, as SHB should be held accountable for that bond issuance.

"I am not aware of the specific agreement between SCB and SHB, but this is the bond issuance money for which SHB must bear responsibility," Lan stated.

Lan acknowledged her responsibility for approximately $1.17 billion (28 trillion VND) and noted that 25,000 bondholders are demanding refunds, while 10,000 bondholders have not made any requests.

She urged the court to investigate this issue and stressed that SCB Bank must cooperate with her in resolving the matter.

Lan also appealed to the court for clemency for her employees, emphasizing that they were merely salaried workers with no personal gain.

Life sentence for major financial crimes

 
According to the first-instance verdict, Truong My Lan and her accomplices issued 25 fraudulent bond packages worth more than $1.29 billion (30.8 trillion VND) without collateral, leaving more than $1.25 billion (30 trillion VND) in unpaid debts owed to over 35,000 investors.

To conceal the funds obtained from bond issuance and approximately $17.2 billion (415 trillion VND) from embezzlement related to SCB Bank, Lan instructed her subordinates to devise schemes to withdraw and transfer money out of the banking system for various purposes.

From 2012 to 2022, whenever funds were transferred abroad to repay debts or brought back from foreign loans, Lan directed her subordinates to create fake contracts for share purchases and capital contributions between subsidiaries of Van Thinh Phat Group and bogus companies domestically and internationally.

Through these fake contracts, foreign loans were transferred into Vietnam, and debt payments were sent overseas through SCB Bank's system.

For these offenses, the Ho Chi Minh City People's Court sentenced Truong My Lan to life imprisonment for "Fraud and Appropriation of Property", 8 years in prison for "Money Laundering", and 12 years for "Illegal Cross-Border Currency Transfer". The total sentence was life imprisonment.

Thanh Phuong