Will restitution and pledges for public welfare save Truong My Lan from execution in one of Vietnam’s largest embezzlement cases?

During the ongoing trial, Truong My Lan expressed emotional turmoil as the prosecution reaffirmed its stance on the death penalty.

The HCM City People’s High Court on Monday began deliberations regarding property tycoon Trương Mỹ Lan’s appeal against her death penalty verdict rendered at a trial earlier this year for massive fraud.

The High People’s Court in Ho Chi Minh City on November 4 opened the appellate trial for the case involving property developer Van Thinh Phat Group and Saigon Commercial Joint Stock Bank (SCB).

The appeal trial of Truong My Lan, chairwoman of Van Thinh Phat Group who was sentenced to death for fraud of US$27 billion, is set to begin next month.

After nearly a month of trial, the Ho Chi Minh City People’s Court on October 17 announced its verdict in the second phase of the case involving property developer Van Thinh Phat Group and Saigon Joint Stock Commercial Bank (SCB).

The court has received 5,965 compensation requests from victims of the Van Thinh Phat bond fraud case, with defendant Truong My Lan agreeing to use personal and corporate assets to repay victims.

Convicted fraudster Trương Mỹ Lan, who was sentenced to death earlier this year for her involvement in Việt Nam’s largest financial scandal, is seeking to compensate over 35,000 bondholders she swindled money from.

The Ho Chi Minh City People's Court has resumed the trial of Truong My Lan and 33 co-defendants in the second phase of the Van Thinh Phat case, where they are accused of defrauding over 35,000 investors in a massive bond scam.

Lan and her co-defendants are accused of fraudulent appropriation of property, money laundering and the unlawful transportation of currency across international borders.

In light of recent financial scandals, most notably the Saigon Commercial Bank case, the Ministry of Finance has introduced a draft amendment to the Law on Independent Auditing that proposes a substantial increase in fines for audit violations.

In the latest development of the Van Thinh Phat fraud case, the HCM City People's Court has issued a notice to more than 35,000 bondholders, urging them to verify their personal information and follow trial updates on the court's online portal.

Saigon Commercial Bank (SCB) has recently closed 9 branches in just two days, pushing the total number of closed branches to 91. This comes in the wake of the bank’s ongoing financial difficulties linked to the Van Thinh Phat scandal.

In the second phase of the Van Thinh Phat case, Truong My Lan's personal secretary and driver have been indicted for money laundering. The Chairwoman of Van Thinh Phat Group used these individuals to carry out her personal objectives.

The Ministry of Public Security has requested international cooperation to verify the legal status and relationships of 11 organizations linked to Truong My Lan and her husband. The results are still pending.

In the second phase of the Van Thinh Phat case, the Supreme People's Procuracy has identified 35,824 investors as victims, holding 25 bond codes from four companies: An Dong, Quang Thuan, Sunny World, and Setra.

The State Securities Commission has suspended the professional status of four auditors from Deloitte Vietnam following the SCB case. This decision has raised questions regarding the role and responsibility of auditors in such incidents.

Two foreigners are wanted by authorities for their alleged involvement in illegal cross-border transfers of US$4.5 billion related to Van Thinh Phat group and its chairwoman, Truong My Lan.

Police are urging Van Thinh Phat group to collaborate with Tan Viet Securities and Saigon Commercial Joint Stock Bank (SCB) to compensate over 35,000 victims in a billion-dollar bond fraud case, considered the most severe in Vietnam’s history.