Life sentence recommended for property tycoon Truong My Lan

In the second phase of an investigation, Lan, 68, is accused of fraudulent appropriation of assets, money laundering and illegal trans-border movement of money.

She allegedly defrauded VND30 trillion (US$1.2 billion) from nearly 36,000 bond investors, laundered VND445.74 trillion in cash, and illegally transported $4.5 billion in and out of the border, representatives of the Supreme People's Procuracy of Vietnam told the People's Court of Ho Chi Minh City.

Between 2018 and 2020, Lan and executives of Saigon Commercial Bank (SCB), property developer Van Thinh Phat, and Tan Viet Securities, used four companies to issue 25 fraudulent bond tranches and used the money raised to pay debts and invest in projects. She also transferred it overseas, prosecutors said.

"The amount appropriated was substantial. The defendants’ actions caused major impacts on the stock market and the investment environment of Vietnam, both domestically and internationally."

During the trial, Lan repeatedly expressed her "respect for the investigators' allegations," but requested the court consider the reasons and circumstances surrounding her crimes. She accepted full responsibility for the consequences.

Her 33 accomplices have also admitted to their offenses.

Earlier this year Lan was sentenced to death for embezzling money from SCB between 2012 and 2022. She has appealed.