Property developer admits he tried to swindle Truong My Lan out of $40M

The 54-year-old was questioned by the court on Monday about his "abuse of trust to appropriate assets" from Lan, 68, the chairwoman of Van Thinh Phat who is on trial for embezzlement, violating banking regulations and bribery.

He allegedly received US$40 million from her for a 65% stake in his Rubber Corporation, 100% stake in his tourism company Sai Gon Dai Ninh and investment in an industrial park in Quang Ninh Province.

Tri, who has known Lan since 2017, admitted to receiving the $40 million from her without any receipts or documents with the deal sealed orally. There are some share transfer transactions that he erased.

He said when she was arrested in October 2022 he became afraid he would have to return the money at a time when his company had lots of payments to make.

So he erased all evidence of his transactions with her.

Lan has said previously that he took money from her but did not complete the agreed projects. She demanded her money back, but Tri did not oblige her.

After both were arrested last year Tri initially told the police he had never obtained any money from Lan and was defamed by her. But he later admitted to taking the money, and paid her back in full.