Property tycoon Truong My Lan offers to compensate nearly 36,000 bond investors

The former property tycoon, who has been sentenced to death for embezzling money from Saigon Commercial Bank (SCB) over 10 years, will stand trial Thursday for allegedly stealing VND30.87 trillion from these investors.

Her lawyer told reporters Wednesday that Lan has been cooperating with the prosecution in the second phase of the investigation and is seeking all possible solutions to compensate the affected investors.

The People's Court of HCMC has ordered debtor organizations and businesses to return to her the VND21 trillion in cash and other assets she had swindled from SCB.

Authorities have confiscated VND12.3 trillion worth of her personal assets.

Her family and her company, property developer Van Thinh Phat, have turned in VND386 billion to pay for the losses she caused SCB.

Lan has said she used VND17.3 trillion raised by issuing bonds to pay nine credit organizations, and urged authorities to retrieve this money to compensate investors.

A HCMC court had ruled in April that all confiscated assets be used to fulfill her obligations, with the bond investors being prioritized.

The court also ordered the police and prosecutors to investigate on the assets of five accomplices of Lan who are in hiding to recover them for the case.