Following a month-long trial, Van Thinh Phat Holdings Group Chairwoman Truong My Lan, the mastermind of Vietnam’s largest-ever financial scam, was condemned to death on Thursday.
Lan and numerous other accused parties were convicted of their roles in a real estate fraud scheme that embezzled over $12 billion from Saigon Joint Stock Commercial Bank (SCB), a major private lender, by means of loans to fictitious businesses.
Based on estimates from market evaluation firm Hoang Quan and investigators, the overall estimated worth of the assets connected to real estate group Van Thinh Phat (VTP) and its affiliates is estimated to be between $12 billion and $48 billion.
According to a family spokesperson of Lan, the assets were worth roughly $30 billion. Due to the fact that most assets are incomplete and frequently have ambiguous ownership due to possible loan and bond collateral, the range is broad.
Laptops 1000The total estimated value of the assets associated with the real estate group Van Thinh Phat (VTP) and its affiliates is believed to be between $12 billion and $48 billion, based on estimates from investigators and the market evaluation firm Hoang Quan.
SAIGON TIME SQUARE
One of the highest structures in Ho Chi Minh City, the commercial hub of Vietnam, is Times Square Saigon. Nguyen Hue and Dong Khoi streets are shared by the office and hotel complex. The neighborhood, which links the city’s town hall to the Saigon River, is referred to as “golden land” because of its exorbitant costs.
Located in the heart of Vietnam’s most populous city, the 39-story skyscraper symbolizes affluence and modernity. Inside, the Reverie Saigon is one of the country’s first six-star hotels.
State media said that the skyscraper was pledged as security for 73 loans from SCB totaling about 30 trillion dong ($1.2 billion).
SHERWOOD HOUSE
Located at 127 Pasteur Street in District 3, the centre of Ho Chi Minh City is the five-star Sherwood Residence hotel and serviced apartment complex.
A five-star rating from the city’s tourism authority has been bestowed upon this 22-story skyscraper, which comprises 228 serviced apartments and 12 penthouses.
Lan had lived at Sherwood Residence up until October 2022, when she was arrested.
The Windsor Plaza Hotel
Situated in District 5, Ho Chi Minh City’s Chinatown is named after the large number of Vietnamese merchants who are of Chinese heritage who reside there. The five-star Windsor Plaza Hotel can be found there at 18 An Duong Vuong Street.
In addition to restaurants, bars, meeting spaces, a ballroom, and a fitness facility with a pool, the hotel has 376 rooms and suites.
CAPITAL BUILDING
Located in the Ba Dinh District of central Hanoi, Capital Place is a grade-A office structure. It is made up of two 37-story skyscrapers that together have 100,000 square metres (1.08 million square feet) of office space.
An unidentified investor had proposed to purchase Capital Place for $360 million, according to state media last month, but Lan’s creditors were opposing the selling proposal.
Four international banks have provided $230 million in loans against Capital Place as security, according to an online tabloid called VnExpress.
One Saigon IFC
In District 1 of Ho Chi Minh City, the shell of a planned 41-story building is called IFC One Saigon. Situated near the Saigon River, the skyscraper houses a commercial centre, residences, and office space.
Laptops 1000In 2021, an associate of Van Thinh Phat purchased the unfinished structure. Since Lan’s arrest, construction activity has been put on hold.
