In a high-profile case involving Vạn Thinh Phat Group, defendant Truong My Lan has reportedly recovered over VND 323 trillion, exceeding 75% of the damages calculated by the prosecution. This substantial restitution has led her defense lawyers to plea for leniency, urging the court to spare her from the death penalty.

The appellate trial of Truong My Lan and her accomplices is nearing its conclusion, with the High People’s Court in Ho Chi Minh City set to announce the verdict on December 3.

In earlier proceedings, the People’s Procuracy had recommended upholding the death penalty for Truong My Lan for embezzling VND 304 trillion ($11.96 billion) from Saigon Commercial Bank (SCB).

Under Clause 3, Article 40 of Vietnam’s Penal Code, a death sentence for embezzlement may be reduced if the defendant voluntarily returns at least 75% of the misappropriated assets, cooperates with authorities, or makes significant contributions.

Prosecutors argued that Lan would need to return VND 280 trillion ($11.01 billion) to meet this threshold. Her legal team contended that she has already achieved this and more.

According to lawyer Giang Hồng Thanh, Lan has addressed VND 323 trillion ($12.71 billion) in liabilities, comprising:

VND 295.94 trillion from 726 collateralized assets valued by Hoang Quan Appraisal Company.
VND 5 trillion paid by Lan and shareholders to increase SCB’s charter capital.
VND 21.42 trillion voluntarily surrendered by Lan’s associates and family members.
VND 172 billion from her frozen accounts.
VND 520 billion deposited by Lan’s family and Van Thinh Phat Group with the Ho Chi Minh City Civil Judgment Enforcement Department.

Thanh emphasized that these figures exclude 440 collateralized assets yet to be valued and 658 additional assets under investigation.

Lawyer Thanh argued that sparing Lan’s life could benefit both SCB and the nation.

Economic Recovery: Lan’s survival would enable her to help revive stalled mega-projects, such as Amigo and Mũi Đèn Đỏ, generating significant state revenue.

Restitution Facilitation: She could expedite the repayment of SCB and investor losses.

Fellow defense lawyer Nguyen Thi Huyen Trang echoed these sentiments, proposing "special mechanisms" to allow Lan to directly participate in asset transactions during enforcement proceedings. This would ensure a more efficient recovery process, minimizing delays caused by other debtors withholding funds owed to Lan.

In her self-defense, Truong My Lan expressed a strong desire to repay all debts to SCB and compensate affected individuals in the bond scandal. She proposed donating remaining assets to public welfare projects, including: A medical assistance fund for the underprivileged; Affordable housing initiatives for low-income families.

Lan also appealed for leniency for her co-defendants, emphasizing their role in attempting to rescue SCB during its financial crisis.

The court faces a critical decision: whether Lan’s restitution efforts, combined with her pledges for public welfare, warrant commutation of her sentence.

The outcome will not only shape her future but also set a precedent for handling high-profile financial crimes in Vietnam.

Thanh Phuong