13-6-2024 (HANOI) In a major crackdown on suspected financial crimes, authorities in Vietnam have seized a staggering VND12.3 trillion ($484 million) worth of shares in various companies owned by Truong My Lan and her alleged accomplices. The seizure comes as investigations into their purported criminal activities continue to unfold.
According to reports, the confiscated shares are either directly owned by Lan or held by others on her behalf, underscoring the alleged vast reach of her financial dealings.
In addition to the share seizures, the Ministry of Public Security has also confiscated nine properties belonging to the suspects and cash worth a substantial VND224 billion from Lan herself.
The authorities have not stopped there, as they have also taken the step of freezing 79 stock trading accounts in various brokerages, which collectively hold VND92 billion and $1.6 million in holdings, effectively restricting access to these assets.
Furthermore, 205 payment and stock accounts belonging to Tan Viet Securities, worth a combined VND824 billion and $262,000, have also been frozen as part of the ongoing investigations.
These extensive asset seizures and account freezes come in the wake of the first phase of investigations, which resulted in Lan being tried in Ho Chi Minh City and receiving the death penalty for her alleged role in causing losses of a staggering VND677 trillion ($27 billion) to Saigon Commercial Bank (SCB).
However, the authorities are not stopping there, as they are recommending that Lan and her accomplices be charged with additional offenses, including fraudulent appropriation of assets, money laundering, and illegal cross-border currency transfer.
According to the allegations, Lan defrauded a staggering 35,800 victims through the issuance of VND30.87 trillion worth of bonds, subsequently failing to redeem them.
In a bid to partially compensate the victims, Van Thinh Phat, a company linked to the case, has offered to turn over VND1.02 trillion to the authorities, which would be used to repay the bond investors. The funds would come from the company’s coffers and those of 13 other associated companies.
Lan, for her part, has appealed her death sentence, setting the stage for further legal proceedings in this high-profile case.
