The 118-hectare Saigon peninsula was planned to become a luxury residence and shopping complex worth $6 billion, but legal issues have prevented Van Thinh Phat and some foreign partners from developing it.
It was used by Lan as collateral for loans worth VND133.7 trillion to 100 of his associates. It is now attached.
In the current trial, prosecutors recommended the death penalty against Lan for committing serious crimes over a long period of time and causing irrevocable consequences.
From 2012 to 2022, Lan and his co-conspirators obtained 2,500 loans worth more than VND1 quadrillion ($44 billion), accounting for 93% of the bank’s total loans during this period.
She is accused of causing losses of 498,000 billion VND.
