‘Too expensive a price,’ Truong My Lan says in tears in final court statement

As the month-long trial neared its end on Friday afternoon, Lan, facing a life sentence on three charges, was granted the opportunity to address the court.

"Standing here today is a price too expensive for me to pay. I consider this my destiny and a career accident," said the chairwoman of property developer Van Thinh Phat.

"For the rest of my life, I will never forget that my actions have affected tens of thousands of families," she added, appealing for clemency from the judges and prosecutors.

Lan expressed regret over her unfulfilled ambitions for her company, Van Thinh Phat, which she had hoped would build an international hospital, develop social housing, and provide schools for low-income students.

"But now I have failed to achieve those dreams. It is my destiny," she said.

Lan, however, affirmed that she never intended to commit embezzlement nor defraud anyone.

However, she maintained that she never intended to commit fraud or embezzlement, emphasizing that her family had built their business reputation over hundreds of years without violating the law.

She cited her efforts during the Covid-19 pandemic, including the purchase of 25 million vaccine doses for the government, followed by assistance in securing another 25 million doses.

"But as humans, we all make mistakes. I do not blame anyone and have never boasted of my contributions. I only ask that the court recognizes the good I have done alongside my wrongdoings," she said.

Lan said she could not be charged with all the crimes.

Lan also argued that she could not be solely held responsible for all the charges. "I feel like I have been split into six versions of myself for the six charges," she said, referring to the three crimes she was convicted of in a previous trial and the three she faces now.

Lan sought reduced sentences for other defendants including her husband Eric Chu, her niece Truong Hue Van and her sister-in-law Ngo Thanh Nha.

Chu was the chairman of property developer Times Square Vietnam. Van was the deputy CEO of An Dong and CEO of Windsor, companies that were involved in dozens of fraudulent bond issuances, allegedly masterminded by Lan. Nha was the CEO of Van Thinh Phat Investment, a subsidiary of Lan's company.

Van and Chu, among other defendants, also sought clemency for Lan.

Van said it "tore her heart" to see Lan on trial, while Chu highlighted her contributions during the pandemic as a reason for the court to reconsider her sentence.

Bui Anh Dung, former chairman of SCB, admitted responsibility in causing losses to over 35,000 bond investors.

Vo Tan Hoang Van, former CEO of the bank, also admitted to his crimes but said he never intended to embezzle nor steal from anyone.

The court will resume on Oct. 17 for sentencing.

Lan is in her second trial this year, in which prosecutors have recommended a life sentence for her due to charges of fraudulent asset appropriation, money laundering, and illegal cross-border money transfers.

In the first trial in April Lan was given the death penalty for embezzling VND677 trillion from Saigon Commercial Bank. She has appealed the verdict.