Husband of death row property developer Truong My Lan receives 2 years for money laundering
Eric Chu, husband of property tycoon Truong My Lan, seen at the People’s Court of Ho Chi Minh City on Oct. 17, 2024. Photo by Read/Quynh Tran
Eric Chu, husband of death row property tycoon Truong My Lan, was sentenced to two years in prison for helping her launder VND30 billion (US$1.19 million).
The court found Lan, chairwoman of the property development company Van Thinh Phat, guilty of laundering VND445 trillion, which she embezzled from Saigon Commercial Bank (SCB) and defrauding bond investors.
Lan is guilty of fraudulent asset appropriation, money laundering, and illegal cross-border money transfers, the judges said at the People’s Court of Ho Chi Minh City. She was given a life sentence on the financial fraud charges.
During the trial, Chu admitted to using credit cards paid for by Lan but claimed he was unaware the funds came from illegal sources.
He said his family has turned in VND19 billion to pay for the losses caused to SCB.
Chu, who was the chairman of property developer Times Square Vietnam, earlier this year received 9 years prison time for abetting Lan in embezzling VND677 trillion from SCB.
In a separate trial in April, Lan was given the death sentence. Both have appealed the verdicts.
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