This is the first disbursement to those entitled to enforcement according to the second-instance judgment of phase two in the case of Truong My Lan (chairwoman of Van Thinh Phat) and accomplices.

According to the enforcement decision, Ms. Lan is obligated to compensate the full 30 trillion VND to bondholders and those with related rights and obligations who received the transferred Van Thinh Phat bonds.

Currently, the enforcement agency has recovered over 8.6 trillion VND from both phases of the case, which will be prioritized for disbursement to bondholders. However, to date, banks have only transferred over 7 trillion VND to the Ho Chi Minh City Civil Judgment Enforcement Department's account (leaving over 1.335 trillion VND yet to be transferred). Based on the recovered amount, the Department has disbursed 24.81% to each entitled individual.

Among the bondholders receiving compensation, there are over 2,800 cases (totaling over 441 billion VND) where the enforcement agency has not been able to disburse funds due to missing information, incorrect bank account details, or death. These individuals have been notified to complete their documentation for future disbursement.

Ms. Truong My Lan at the appellate trial in March. Photo: Tran Quynh

Ms. Truong My Lan at the appellate trial in March. Photo: Tran Quynh

Regarding the seized assets in both phases of the case, the Ho Chi Minh City Civil Judgment Enforcement Department is verifying and gathering information related to other assets and accounts to ensure full compliance with the court's decision.

Recently, Ms. Truong My Lan met with two German partners to discuss their involvement in asset management related to the restructuring of SCB, with an initial investment of 3 billion USD.

Ms. Lan proposed allocating 1 billion USD to compensate bondholders who purchased Van Thinh Phat bonds in the second phase of the case. The remaining 2 billion USD would be used for SCB's restructuring (partially to repay depositors at SCB and partially to increase SCB's charter capital, ensuring operational funds).

Representatives of the two foreign companies agreed to prove their capital as requested by Ms. Lan and Van Thinh Phat Group, but stated that "the competent state agency must approve the policy and allow implementation," and that assets must be secured corresponding to the amount transferred to Vietnam by the foreign partners.

In April, the High People's Court in Ho Chi Minh City conducted the second-phase appellate trial and accepted Ms. Truong My Lan's (69 years old, chairwoman of Van Thinh Phat) appeal for a reduced sentence. Her life sentence for fraud was reduced to 20 years; the 12-year sentence for money laundering and the 8-year sentence for illegal cross-border currency transfer were upheld, resulting in a combined sentence of 30 years (the maximum term of imprisonment). The court ordered her to compensate over 30 trillion VND to nearly 36,000 bondholders and related parties.

In the first phase of the case, in December 2024, Ms. Lan was sentenced to death by the High People's Court in Ho Chi Minh City for embezzlement, bribery, and violations of lending regulations in the operations of credit institutions. She was ordered to compensate SCB nearly 674 trillion VND.

According to the ruling, if Ms. Lan actively remedies three-fourths of the consequences, her sentence may be commuted to life imprisonment. In total, across both phases, Ms. Lan is obligated to pay over 704 trillion VND.

Hai Duyen