SCB appeals to province not to seize land related to Truong My Lan

By Anh Tu June 16, 2024 | 07:21 pm PT

Saigon Commercial Bank, from whom property tycoon Truong My Lan caused a loss of VND677 trillion ($27 billion), has requested local authorities not to seize an asset related to the case.

The land lot in question, approved for construction of the Da Lat Plaza hotel and mall in the central highlands province of Lam Dong, was put up as collateral by Ho Chi Minh City-based company Oak Hill for a loan of VND734 billion ($28.8 million) from the bank.

It was originally licensed to be built in 2010 before Lam Dong authorities extended the deadline to 2022.

But the developer, Delta Tourist Jsc, has yet to begin construction, and Lam Dong authorities now want to revoke its licenses and repossess the land.

SCB said the land is part of a list of assets linked to the trial of Lan and her accomplices, and so its seizure would affect the compensation process.

Lan received the death penalty at the trial in April for causing the loss of VND677 trillion to SCB.

She has filed an appeal.