Vietnam’s imprisoned tycoon seeks government nod for 930 trillion dong restructuring plan

[HO CHI MINH CITY] Imprisoned for orchestrating Vietnam’s biggest financial fraud, property mogul Truong My Lan is seeking the government’s nod for a 12-year, 930 trillion dong (S$45.5 billion) restructuring plan that proposes the involvement of global financial heavyweights Rothschild and UBS, as well as consulting firm Alvarez & Marsal and Singapore-based Greenmark Construction.

According to recent local media reports, the proposal – submitted separately by Lan from jail and by her real estate group Van Thinh Phat (VTP) to the authorities – outlines a road map to mobilise capital for property projects and restructure Saigon Joint Stock Commercial Bank (SCB), from which she embezzled 304 trillion dong.

The road map includes asset recovery, project revenue generation, and strategic investor participation in a bid to remedy the losses and reduce Lan’s sentence by repaying at least three-fourths of the embezzled money.