3 Charges
Tomorrow (11/3), the trial of Ms. Truong My Lan and 85 other defendants in the Van Thinh Phat case, Saigon Commercial Bank (SCB), and related organizations is expected to continue with the questioning of defendants Truong My Lan – Chairwoman of the Board of Directors of Van Thinh Phat Group and Nguyen Cao Tri – former Chairman of the Board of Directors of Van Lang Education Investment and Management Joint Stock Company, and Chairman of the Board of Directors and CEO of Capella Company.
Ms. Truong My Lan is accused of 3 charges simultaneously: “Embezzlement of property,” “Bribery,” “Violation of regulations on lending in the operations of credit institutions.”
Ms. Truong My Lan in the hearing on March 8.
According to the indictment, Ms. Truong My Lan is the director of Van Thinh Phat Group, which has more than 1,000 domestic and foreign businesses. To have capital for its operations, Ms. Lan attempted to take over SCB, in order to turn the bank into her own financial tool.
By collecting shares and having others act as nominees, Ms. Truong My Lan owned more than 91.5% of SCB’s shares. Afterward, Ms. Lan selected and arranged trusted personnel for key positions at SCB; established some units under SCB specializing in lending and disbursement according to her own demands, as well as bribed and influenced individuals holding positions and powers in state agencies to act against their official duties…
The indictment states that from January 1, 2012, to October 7, 2022, Ms. Truong My Lan and her accomplices fabricated a large number of fraudulent loan profiles to withdraw a large sum of money. Specifically, Ms. Truong My Lan instructed the fabrication of 368 loan profiles to withdraw money from SCB and use it for various purposes. As of October 17, 2022, there was still an outstanding debt of 132.247 trillion VND that could not be recovered. These actions caused damages of more than 64.621 trillion VND to SCB.
In addition, from February 9, 2018, to October 7, 2022, Ms. Lan also instructed the fabrication of 916 loan profiles to embezzle a total amount of 304.096 trillion VND from SCB.
To conceal their weak financial situation and the discovered violations during audits, as well as to ensure that SCB would not be placed under special control and continue its restructuring, Ms. Truong My Lan met and discussed with Do Thi Nhan – Director of the Inspectorate and Supervision Department II of the State Bank, who led the inspection of the bank’s operations. Along with that, Ms. Lan instructed subordinates to contact and raise the issue of giving money and gifts for training purposes to the members of the inspection team.
The investigation agency of the Ministry of Public Security determined that from April 2016 to October 1, 2018, Nguyen Van Hung – Deputy Chief Inspector in charge of the Inspectorate and Supervision Department of the State Bank, received gifts (money) from SCB’s leaders and the total amount was $390,000. Do Thi Nhan received bribes totaling $5.2 million from SCB. The members of the inspection team received money from SCB ranging from $1,000 to $21,000, as well as other material benefits.
After receiving the money, in their reports on the audit results at SCB, Nguyen Van Hung and Do Thi Nhan directed the members of the team to provide general information without stating accurate data and without mentioning the weak financial situation of SCB…
Seizing 1,000 billion VND
Meanwhile, Nguyen Cao Tri is indicted for the crime of “Abusing trust to misappropriate property.” According to the indictment, Nguyen Cao Tri received a total of 1,000 billion VND from Truong My Lan for 3 purposes: transferring 31.22% of the charter capital of Incon Industrial Rubber Joint Stock Company, transferring the charter capital of Saigon Dai Ninh Joint Stock Company, and investing in a project in Hai Ha district, Quang Ninh province.
Defendant Nguyen Cao Tri (second from the right).
After Truong My Lan was arrested and detained, Nguyen Cao Tri directed his assistant to draft documents to adjust prices and liquidate contracts for the transfer of 10% of the charter capital of Van Lang Company and to liquidate the entrusted investment contract for more than 31% of the charter capital of Incon Industrial Rubber Joint Stock Company… Afterwards, Mr. Tri handed over the documents to individuals acting as signatories, completing the liquidation procedures.
The indictment confirms that Nguyen Cao Tri misappropriated 1,000 billion VND from Truong My Lan.
During the investigation, the police seized more than 93 billion VND in cash during the search of Nguyen Cao Tri’s person and workplace.
Up to now, Nguyen Cao Tri’s family has returned more than 640 billion VND. The investigating agency has seized 7 real estate properties.
