Mrs. Truong My Lan and her husband and accomplices appear in court
Ms. Truong My Lan, her husband and subordinates had to appear in court for various crimes related to setting up a ghost company and creating fake documents to withdraw money from SCB Bank.
On March 5, Ho Chi Minh City People's Court opened the first instance trial for defendant Truong My Lan (68 years old, Chairwoman of Van Thinh Phat Group) and her husband Chu Lap Co (68 years old).
In addition to defendant Truong My Lan and her husband, there is also Ms. Lan's niece, defendant Truong Hue Van, and 45 former leaders and officials of Saigon Commercial Joint Stock Bank (SCB); 15 former officials of the State Bank; 3 former officials of the Government Inspectorate and 1 former official of the State Audit, who were also brought to trial for the crimes of "Embezzlement of property", "Giving bribes", "Receiving bribes", "Violating regulations on lending in the operations of credit institutions", "Taking advantage of positions and powers while performing official duties", "Lack of responsibility causing serious consequences" and "Abuse of trust to appropriate property".
Defendant Nguyen Cao Tri (Chairman of the Board of Directors of Van Lang Company and Capella Company) was tried for "Abuse of trust to appropriate property". According to the records, after Ms. Lan was arrested, Mr. Tri drafted documents to adjust prices and liquidate all contracts to transfer 10% of the charter capital of Van Lang Company signed according to the agreement with Ms. Lan to appropriate 1,000 billion VND from her. Currently, Mr. Tri has recovered all the misappropriated money.
The trial is expected to last until April 29, with Judge Pham Luong Toan, Chief Justice of the Criminal Court, presiding over it. Ten prosecutors from the Supreme People’s Procuracy and the Ho Chi Minh City People’s Procuracy will be present to prosecute the case.
More than 200 lawyers participated in defending the defendants. The court also summoned more than 2,400 people with related obligations, including SCB Bank officials; individuals whose names are companies, borrowers, and mortgaged assets at SCB, who made deposits and withdrawals; legal entities in the group whose names are borrowers and recipients of money at SCB; individuals at the State Bank; and other people with related rights and obligations.
To ensure security, the court was strictly guarded, only those with summons were allowed to attend the court session. Reporters were given badges and followed the trial in a private room.
According to the accusation, from 2012 to October 2022, Ms. Truong My Lan acquired and practically held almost all of SCB Bank's shares (from 85-91.5% of shares), thereby becoming a "powerful" shareholder. Ms. Lan directed, operated, and essentially manipulated all of SCB's operations to serve her various purposes.
Ms. Truong My Lan and many accomplices carried out a series of acts including: Selecting and arranging her trusted personnel for key positions at SCB; Establishing a number of units under SCB specializing in lending and disbursing according to Ms. Lan's requests; Establishing and using thousands of "ghost" companies, hiring many individuals; colluding with individuals who are leaders of many related businesses to commit crimes.
At the same time, Ms. Lan and her accomplices also colluded with many valuation companies to inflate the value of collateral; created a large number of fake loan applications to withdraw money from SCB; devised plans to withdraw money, "cut off" cash flow after disbursement; sold bad debts, sold deferred credit loans to reduce credit balance, reduce bad debts, to conceal violations; bribed and influenced people with positions and powers in state agencies to violate their duties.
The accusation is that from January 1, 2012 to October 7, 2022, the Chairman of Van Thinh Phat Group created a large number of fake loan applications to withdraw exceptionally large sums of money.
Specifically, from January 1, 2012 to December 31, 2017, Ms. Truong My Lan directed the creation of 368 fake loan applications to withdraw money from SCB for various purposes. As of October 17, 2022, the outstanding debt was VND 132,247 billion, with no possibility of recovery.
Ms. Truong My Lan's actions caused damage to SCB Bank of more than 64,621 billion VND.
From February 9, 2018 to October 7, 2022, Ms. Truong My Lan directed the creation of 916 fake loan applications, appropriating more than VND 304,096 billion from SCB Bank, causing a loss of more than VND 129,372 billion.
Ms. Truong My Lan affirmed to the lawyer that with her economic conditions, reputation and ability, if the Court decides that the defendant must take responsibility for any consequences, Ms. Lan will fully and completely resolve them.
Ms. Truong My Lan and 80 other defendants in the case at Van Thinh Phat Group were transferred from detention camps in the North to Ho Chi Minh City to prepare for the trial taking place in early March.
