On September 26, the trial of Truong My Lan and 33 other defendants in the second phase of the Van Thinh Phat case continued with the examination phase.
At the trial, Ho Chi Minh City Bar Association lawyer Phan Trung Hoai examined defendant Truong My Lan about the source of the money transferred from abroad to Vietnam, inquiring if it included funds from foreign companies for the purchase of SCB shares.
In her response, defendant Truong My Lan stated that the amount transferred abroad exceeded 1.5 billion USD, while the amount she received was over 3 billion USD.
Approximately 1 billion USD of this came from foreign friends, intended for the purchase of shares and participation in the restructuring of SCB. This particular sum was used by the prosecuting agency to charge the defendant with the illegal cross-border transfer of currency. As such, the defendant requested that the People’s Court reconsider this charge.
Defendant Truong My Lan at the trial. (Photo: Hoang Tho)
When asked about the rationale behind the transactions made through SCB, Ms. Lan explained that SCB had a significant need for foreign currency but lacked domestic sources. The funds transferred from abroad substantially benefited SCB, earning the bank hundreds of billions of VND in service fees each month.
Next, Hanoi Bar Association lawyer Nguyen Huy Thiep examined defendant Vo Tan Hoang Van (former CEO of SCB) and Truong My Lan about the process of transferring money abroad at SCB.
In his response, defendant Vo Tan Hoang Van stated that the internal working procedures at SCB regarding international payments applied to all SCB employees and not to outsiders.
According to Mr. Van, to execute incoming and outgoing cross-border money transfers, SCB utilized an account at a bank in Singapore. When money was deposited into this account, SCB would notify the customer that the funds had been credited to their account, and vice versa for outgoing transactions.
Mr. Van asserted that he did not receive any directives from Truong My Lan and that she could not have known about this process, as it was a standard banking practice. SCB had an anti-money laundering system in place, which was functioning normally and regularly reported to the State Bank.
Defendant Truong My Lan also confirmed that she was entirely unaware of the procedures for transferring money abroad, as this was handled by SCB staff. When the prosecuting agency pointed out irregularities in the procedures, the defendant accepted responsibility for the consequences and offered no further comments.
The Bondholder’s Silver Lining: Unraveling the Van Thinh Phat Case
The deadline for victims of the bond-buying scam to come forward and amend their information has been extended, as per the latest announcement on September 27th.
The Apprentice Reveals: Zhang Jiaying Ordered the Transfer of Funds Overseas
At the trial, the remaining defendants, comprising SCB’s leadership and companies within Van Thinh Phat’s ecosystem, testified that Truong My Lan orchestrated the transfer of funds overseas.
The Extravagant Spending Spree: Unraveling the Scandal of Trương Mỹ Lan’s Alleged Coercion of Her Husband to Blow Tens of Billions on SCB Bank Cards
“Trương Mỹ Lan allegedly coerced her husband, Chu Lập Cơ, into utilizing credit cards from SCB with a staggering limit of up to 10 billion VND.”
The $55 Million Loss Turned Profit: A Bold Deception
The company involved in the second phase of the Van Thinh Phat scandal has been making losses for years, with assets totaling over 5,000 billion VND.
“A Billionaire’s Benevolent Gesture: Forgoing 30 Years of Salary to Right Wrongs”
“The defendant, Ngo Thanh Nha, the CEO of Van Thinh Phat Group, intends to use their salary earned over nearly 30 years of dedication to the corporation to rectify the situation and address any consequences that may arise.”
