The ancient villa of Truong My Lan in District 3 of Ho Chi Minh City. Photo of Son Hoa
Truong My Lan has agreed to sell much of his family assets to reward Saigon Commercial Bank, but wants to keep a VND700 billion ($28 million) old villa to “preserve traditions.”
The 68-year-old Van Thinh Phat chairwoman, who is on trial for several crimes, including embezzlement of SCB funds over a period of 10 years, told the Ho Chi Minh City People’s Court. On Friday, she bought a 3,000 m² villa in District 3 of Ho Chi Minh City several years ago.
“Please let my daughter keep the villa so that she can maintain it and preserve it as a Vietnamese relic.”
Lan offered other assets to repay the money she allegedly embezzled from SCB, including the Capital Place office building in Hanoi, which she earlier told the court was worth $1 billion.
But his daughter, Chu Diep Phan, recently told the court that the buyer would only pay $360 million for the purchase.
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Capital Place building in Hanoi. Photo courtesy of the building |
The building was mortgaged to four different banks for $230 million in loans. After reimbursing the banks, the remaining amount will be handed over to the court to pay the SCB.
Lan’s family owns a 73% stake in Bong Sen Corp, which operates the Daewoo Hanoi Hotel, and his daughter has offered to sell the hotel.
An investor offered to buy Lan’s shares in an insurance company for $40 million.
Phan is also selling her shares in a vaccine manufacturer for which she had paid VND315 billion.
A company that received VND960 billion from Van Thinh Phat for two real estate projects has requested reimbursement and cancellation of the contract.
The prosecution wants Lan to pay SCB VND498 trillion to compensate for the losses she caused the bank, but it wants VND760 trillion plus rights to any assets that were mismanaged by Lan.
In the ongoing trial, Lan faces charges of corruption, violating banking regulations and embezzlement.
Between 2012 and 2022, it reportedly asked SCB management to grant it loans worth more than VND1 quadrillion ($44 billion), or 93% of its entire loan portfolio.
The trial is expected to continue until April 29.
