Promised Transformation of Properties by Death Row Tycoon in Vietnam into a 'Golden Goose'
Unraveling the Assets Dispute of Property Mogul Truong My Lan
Property developer Truong My Lan found herself in a sticky situation, facing the death penalty in December for embezzling money from Saigon Commercial Bank (SCB) and committing fraud worth a staggering $27 billion. Despite losing her appeal, there’s a glimmer of hope for Lan – if she can cough up three-quarters of the loot, she might just escape the gallows.
But things aren’t as simple as they seem. In a letter penned from behind bars, Lan claimed her assets have been significantly undervalued, causing potential losses to the state and encroaching on her rights. Her lawyer, Giang Hong Thanh, shared these concerns with AFP.
Lan pointed the finger at the government-appointed firm that valued 726 of her assets, many of which were prime real estate projects in Vietnam’s major cities. The firm estimated their worth to be around $9.7 billion. But Lan believes these assets are worth up to 5 times more, as per the new land price guidelines in Ho Chi Minh City, where most of the projects are located.
If her remaining 440 assets were to be assessed, the state could potentially gather an additional $7.7 billion, according to Lan. "With my 30-year expertise in the real estate sector and a thorough legal comprehension, I believe I can transform most of these assets into golden geese, enabling the state to recoup its losses," Lan wrote in her letter, pleading for her involvement in the process.
The mass financial loss brought about by Lan’s questionable dealings shook Vietnam’s communist nation, leading to rare protests from the victims.
In a second appeal trial in April this year, Lan’s life sentence in a separate $17-billion money laundering case was trimmed to 30 years. Prosecutors said Lan had repaid a quarter of the $1.2 billion she pilfered from thousands of bond investors.
The accurately valuation of Lan’s assets carries the weight of ensuring the greatest possible recovery for the state. Her request for a reassessment is driven by a desire to prevent manipulation by vested interest groups and recoup as much as possible from the assets controlled by SCB, offsetting the financial losses incurred in the case.
Lan’s case continues to be a hot topic, with ongoing discussions revolving around asset valuation and recovery efforts. Additionally, there are broader economic implications due to Lan’s role as the majority shareholder of SCB, which could impact related financial institutions. Stay tuned for more updates on this intriguing saga.
© 2025 AFP
- The real-estate industry has played a significant role in Truong My Lan's assets dispute, as many of her prime real-estate projects in major Vietnamese cities are at the heart of the valuation controversy.
- The financial implications of Lan's case extend to the business world, as the accurate valuation of her assets could impact related financial institutions, given her majority shareholding in Saigon Commercial Bank (SCB).
- Despite facing the death penalty for embezzlement and fraud, property developer Truong My Lan has expressed a desire to invest her assets back into the business and finance sectors, aiming to transform them into valuable assets and offset losses for the state.
