Ho Chi Minh City People’s Court opens trial on major bank fraud case
The Ho Chi Minh City People's Court on March 5 began the first-instance trial on a major case involving property developer Van Thinh Phat Group, Saigon Commercial Bank (SCB) and relevant units.
Ho Chi Minh City (VNA)🔜 – The Ho Chi Minh City People's Courton March 5 began the first-instance trial on a major caseinvolving property developer Van Thinh Phat Group, Saigon Commercial Bank(SCB) and relevant units.
Truong My Lan, Chairwoman of the Van Thinh Phat Group, stood accused ofembezzlement, givingbribes, and violating regulations onbanking and related activities. Other 85 defendants, including former leaders and officials of SCB,the State Bank of Vietnam, the Government Inspectorate, the State Audit Office,were charged with embezzling property, accepting bribes, abusing positions and power while performing duties, showing the lack of responsibility causing seriousconsequences, violating regulations on the operations of credit institutionsand banking activities, and abusing trust for property appropriation. According to the indictment of the Supreme People's Procuracy, Lanbuilt a network of about 1,000 subsidiaries and affiliatedcompanies under the Van Thinh Phat umbrella, entrusting their management torelatives. Despite not holding any official position at SCB, Lan was its majorshareholder, controlling between 85% and 91.5% of the shares. Sheand her accomplices created fake loan records to withdraw money from SCB for personaluse. From October 9, 2018 to October 7, 2022, Lan directed thecreation of 916 fake loan records, appropriating more than 304trillion VND (12.6 million USD) from SCB. The bank nowremains unable to recover the sum and has accrued over 129,372 trillion VNDin interest on the outstanding amount. Lan was also accused of giving bribes to the State Bank of Vietnam inspection team to cover up her wrongdoingsat SCB and facilitate the bank’s restructuring, She also appearedas a victim in the case against Nguyen Cao Tri, Chairman of theBoard of Directors of Van Lang Company and Capella Company. Tri was chargedwith abusing his trust to attempt the misappropriation of 1 trillion VND fromLan. Of the 86defendants brought to trial, 70 are in custody while 11 are on bail. Five others,including former leaders of SCB and its branches, remain wanted. The trial is scheduled to last till April 29./.
The Supreme People's Procuracy has issued an indictment against Truong My Lan, chairwoman of property developer Van Thinh Phat Group, and 85 others in a case that occurred at Van Thinh Phat Group, Saigon Commercial Joint Stock Bank (SCB) and other relevant units and organisations.
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Security is tightened at the court (Photo: VNA) 
