Truong My Lan, a 68-year-old Vietnamese property magnate, has petitioned authorities to reassess the valuation of her 726 assets, currently estimated at approximately 253.5 trillion Vietnamese dong (about $9.7 billion). She claims these assets are undervalued and has requested the inclusion of an additional 440 properties in the assessment. Lan’s goal is to raise the estimated $11 billion required to fulfill a court order mandating repayment to avoid the death penalty.
In April 2024, Lan was sentenced to death for orchestrating a massive financial fraud involving Saigon Commercial Bank (SCB). She was found guilty of embezzling $12.5 billion, leading to $27 billion in losses for the bank over a decade. Her conviction was upheld in December 2024, though the court indicated that her sentence could be commuted to life imprisonment if she repaid at least three-fourths of the embezzled amount. (WSJ, AP News, VnExpress International)
Lan has expressed remorse and has been actively working to compensate victims, including bondholders and bank clients. Her request to participate in the asset valuation process aims to maximize the financial returns for the state. However, the court has expressed concerns about the legality and valuation of some of the seized properties, which may hinder her efforts to meet the required repayment amount. (VnExpress International, ABC News)
The outcome of Lan’s petition could have significant implications for Vietnam’s anti-corruption campaign, which has targeted high-profile figures in both the public and private sectors. Her case remains a focal point in the nation’s ongoing efforts to address financial misconduct, we however hope the court would grant her request to ensure proper asset valuation and disposal, it is a known fact that such valuation if carried out by a third party in circumstances such as this are mostly valued way below actual market price.
