HCMC – The HCMC People’s Court will hold a hearing of the second phase of the Van Thinh Phat case involving Truong My Lan and 33 other defendants, with the start date set for September 19, according to local media.
The trial is expected to last a month.
The case involves over 35,900 identified victims, with 534 individuals and organizations recognized as having relevant rights and obligations.
Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, along with 33 accomplices, faces charges of fraud, money laundering, and illegal cross-border transfer of currency.
The indictment states that Lan and her accomplices orchestrated 25 fraudulent bond issues, lacking sufficient collateral and currently unable to meet payment obligations. The total value of these bond packages exceeds VND30,869 billion, leaving outstanding debt of VND30 trillion and affecting more than 35,000 investors.
In addition to fraud, Lan is charged with money laundering, with transactions totaling VND445 trillion, and illegal cross-border currency transfers amounting to US$4.5 billion.
