“Mrs. Lan is very talented.”
On the morning of March 7, the trial session of Mrs. Truong My Lan and 85 other defendants in the Van Thinh Phat case, Saigon Commercial Bank (SCB), and related units started its third day of work with the cross-examination of defendant Vo Tan Hoang Van – former CEO of SCB regarding his criminal acts in the Van Thinh Phat case, in order to clarify the nature of the case as well as the modus operandi of the defendants.
Vo Tan Hoang Van was indicted and tried for embezzlement of assets and violation of lending regulations in the operations of credit institutions, as an accomplice who actively supported defendant Truong My Lan.
Defendant Vo Tan Hoang Van – former CEO of SCB. Photo: Duy Anh
In response to Judge Pham Luong Toan’s question, the presiding judge of the Ho Chi Minh City People’s Court – the chief judge of the trial, Van stated that he had worked in the financial and accounting sector for 18 years. During the course of his work, he had the chance to meet some SCB officials. After working in Hanoi for 18 years, Van had to return to Ho Chi Minh City due to family circumstances.
In July 2013, Van was recruited to work at SCB by former Chairman of the SCB Board of Directors Nguyen Thi Thu Suong (a defendant in the case) to work in the position of Deputy Chairman of the Strategy Committee, assisting the Board of Directors in outlining the bank’s development strategy.
Six months later, Van was appointed Deputy CEO of SCB and then promoted to CEO. “Regarding my appointment as CEO of SCB, Ms. Suong asked for Mrs. Truong My Lan’s opinion,” Van said.
Van knew about SCB’s operations. Although not in an official position, Lan had decision-making power in SCB’s activities. “Lan instructed me and Mr. Dinh Van Thanh – former Chairman of the SCB Board of Directors (who is currently wanted) to establish business centers to disburse Lan’s loans,” Van said.
In response to the presiding judge’s question about whether all loans related to Van Thinh Phat were disbursed in advance and in compliance, Van said, “There are many forms, some are correct and some are not.”
Presenting to the judges, Van said that when he became CEO, SCB was the result of the merger of 3 banks, and he had experience that would help restructure SCB. Van also said that he believed Lan was very talented, she had assets to ensure her loans, and he trusted that Lan would help SCB overcome the period of restructuring.
Van admitted that SCB became a tool to mobilize Lan’s money. However, Van himself had no holdings or shares in SCB, he just wanted to help restructure SCB, receive a normal salary, and did not have any personal motives; he was working as a hired employee.
“I believe that Truong My Lan, based on her treatment of SCB’s leadership and subordinates, is very concerned. Lan has a long-term and strategic investment in the real estate field. The secured assets are large assets with profit potential. I believe that Lan will help SCB overcome difficulties and make it stronger,” Van said.
In July 2020, Vo Tan Hoang Van resigned from SCB. According to the Trial Jury, whenever money was needed, Truong My Lan would call and discuss with Van about withdrawing money from SCB through loans that Lan already had the intention to borrow, and direct the disbursement of money for Lan to use.
Truong My Lan during the trial session on March 7. Photo: Duy Anh
Giving a bribe of 5.2 million USD
In addition, to avoid supervision and inspection of lending activities at SCB branches by the State Bank of Vietnam, Van submitted a proposal for Dinh Van Thanh to sign a decision to establish new units specialized in handling loan applications from the Van Thinh Phat Group.
Vo Tan Hoang Van knew well about Truong My Lan’s and the Van Thinh Phat Group’s loans because they all had in common the fact that they filled out loan applications, disbursed loans and withdrew money from SCB without SCB’s assessment. However, Van still signed evaluation documents, loan contract meeting minutes that approved the loans at the request of Truong My Lan.
From November 18, 2013, to December 11, 2017, Vo Tan Hoang Van officially approved 290 loan applications, causing a loss of 60 trillion VND to SCB. From February 9, 2018, to July 25, 2020, Van approved 348 loan applications, actively supporting Truong My Lan in embezzling 192 trillion VND and causing an estimated interest debt of 101 trillion VND.
Defendant before the trial on March 7.
During the inspection of SCB by the State Bank of Vietnam, Truong My Lan instructed Vo Tan Hoang Van to directly give 5.2 million USD to Do Thi Nhan – the head of the inspection delegation, and give money and gifts to train members of the delegation. Planting gifts was a means of concealing the particularly weak condition and the violations discovered during the inspection, preventing SCB from being put under special control and continuing to be restructured.
Based on that, Do Thi Nhan instructed delegation members to report inaccurately and inadequately on SCB’s violations; deliberately concealing and minimizing SCB’s violations, and recommending conditions for SCB’s restructuring.
Regarding individuals involved in giving bribes to defendant Do Thi Nhan, the indictment identified Vo Tan Hoang Van as the person directly giving money to Nhan at Truong My Lan’s instruction.
Following Truong My Lan’s instructions, Van and a driver went to the office of the State Bank of Vietnam and Do Thi Nhan’s private house on several occasions to deliver 5.2 million USD to Nhan. The total amount of money was brought in 3 foam boxes containing fruits. After each delivery, Van informed Lan.
Do Thi Nhan at the trial on March 7.
Specifically, on March 22, 2018, Van gave 200,000 USD to Do Thi Nhan in her office. In October 2018, Van and Nguyen Nam Tuan drove to Do Thi Nhan’s private house in Trung Hoa (Cau Giay District, Hanoi) and gave her 2 million USD. A few days later, Van returned to Do Thi Nhan’s house and gave her another 2 million USD. At the end of 2018, Van and the driver continued to go to Do Thi Nhan’s house to deliver another 1 million USD. The above amount, the indictment stated, relying on Truong My Lan’s instructions, Nguyen Phuong Hong took personal funds, transferred from SCB Saigon to SCB Cau Giay, withdrew and exchanged them into USD, and gave them to Van and the driver.
Van had reported the crime of receiving money from Do Thi Nhan before the case was prosecuted. The investigating agency determined that Van proactively declared in detail the act of giving money to Do Thi Nhan and other individuals, actively cooperated with the investigating agency in the process of resolving the case, so Van should not be held criminally liable.
