Where is Truong My Lan getting $1.2B to settle debts with victims?

Lawyer reveals three major financial sources - including frozen accounts and seized assets - available for restitution in SCB bond scandal.


Defendant Truong My Lan. Photo: Nguyen Hue

In addition to her criminal sentence, Truong My Lan has been ordered to repay more than 30.092 trillion VND (approximately $1.22 billion USD) to victims and related parties, according to the first-instance verdict in the SCB bond fraud case (phase two). The question many are asking is: Where will this massive sum come from?

At the ongoing appeals trial in Ho Chi Minh City, lawyer Giang Hong Thanh - defending Truong My Lan - shared insights with VietNamNet about the financial sources currently available for restitution.

Over 24 trillion VND already secured

According to Official Letter No. 1948/CTHADS-NV2, issued by the Ho Chi Minh City Civil Judgment Enforcement Department on March 24, 2025, there are three primary sources of money identified:

Over 8.659 trillion VND already sits in enforcement accounts or frozen bank accounts.

More than 15.383 trillion VND is owed to Truong My Lan by various individuals and organizations.

In total, more than 24.043 trillion VND in liquid and receivable assets have been tracked so far.

Additional assets worth over 10 trillion VND

The court also ordered the seizure of various shares and real estate assets belonging to Truong My Lan, valued at over 10 trillion VND, to ensure compliance with the verdict.

Another significant source is the 15.712 trillion VND associated with the An Dong bond issuance, which has been partially disbursed to six financial institutions. If fully recovered under Articles 106 (Criminal Procedure Code) and 47 (Penal Code), this amount could significantly accelerate compensation to victims.

Lawyer Giang Hong Thanh estimates that these three sources combined may exceed 50 trillion VND (over $2 billion USD), enough to cover all restitution claims if properly recovered.

Lan challenges court findings but vows to repay

At the appeals hearing, Truong My Lan reaffirmed her disagreement with the life sentence issued by the lower court. She maintained that she had no intent to defraud and pledged to repay all legitimate bondholders.

Lan specifically objected to the claim that she used deceptive tactics to issue 25 bond codes through four VTP Group subsidiaries: An Dong, Sunny World, Quang Thuan, and Setra. She insisted that 1.612 trillion VND related to bonds issued by SHB Bank should be excluded, claiming that SHB, not she, was responsible for that amount.

While the court holds her liable for over 30 trillion VND, Lan contends that her responsibility lies with about 28 trillion VND. Additionally, she noted that while 25,000 bondholders have requested repayment, over 10,000 have not, and asked the court to clarify this discrepancy.

Lan has requested the court and prosecutors mandate other individuals and organizations that benefited from the fraudulent bonds to cooperate in repaying affected citizens.
VietBF@ Sưu tập