How much have police seized from death row convict and tycoon Truong My Lan?

By Hai Duyen   June 12, 2024 | 03:48 am PT
How much have police seized from death row convict and tycoon Truong My Lan?
Property tycoon Truong My Lan seen at the People's Court of Ho Chi Minh City in April 2024. Photo by VnExpress/Thanh Tung
The police have seized VND12.3 trillion ($484 million) worth of shares in various companies owned by Truong My Lan and her accomplices as investigations into their alleged crimes continue.

The shares are either owned by her or by others on her behalf.

The Ministry of Public Security has also confiscated nine properties belonging to the suspects and cash worth VND224 billion from Lan.

It has frozen 79 stock trading accounts in various brokerages with VND92 billion and $1.6 million worth of holdings.

205 payment and stock accounts of Tan Viet Securities worth VND824 billion and $262,000 were also frozen.

The police are pursuing further investigations into Lan and her accomplices after a first phase resulted in the former being tried in HCMC and getting the death penalty for causing losses of VND677 trillion ($27 billion) to Saigon Commercial Bank (SCB).

They are recommending that she be charged with fraudulent appropriation of assets, money laundering and illegal cross-border currency transfer.

She allegedly defrauded 35,800 victims through the issuance of VND30.87 trillion worth of bonds by failing to redeem them.

Van Thinh Phat in May offered to turn in VND1.02 trillion to authorities to repay the bond investors.

The money would come from its coffers and 13 other associate companies.

Lan has appealed her death sentence.

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