The trial of Truong My Lan and her accomplices continued on the afternoon of September 23 with the cross-examination of the group for “fraudulent appropriation of property.”
Before resuming the trial, the Council announced that defendant Chu Lap Co had been taken for a medical examination as requested. Results showed that the defendant’s health was good, and he would continue to be extracted to the court.
As the last defendant to be interrogated for this charge, Truong My Lan hoped that the Council would thoroughly consider the reasons, context, and motives for the bond issuance.
Defendant Truong My Lan |
Regarding the statements of the 28 defendants, who were former subordinates and officers of Audit Firm A&C, Ms. Lan expressed that she had no comments and only hoped that the Council would consider their situation as they were all salaried employees. For those defendants who stated that they did not know what they were signing and only signed documents and records at the request of their superiors, Ms. Lan believed that they might not remember due to the urgency of the matter.
Ms. Lan also admitted that all activities of the Van Thinh Phat Group and Van Thinh Phat Investment Company were managed by her, while defendants Ngo Thanh Nha and Truong Hue Van were only in charge of logistics and charity work.
Defendant Lan stated that she had never sent anyone to work at SCB Bank and that the Van Thinh Phat Group did not operate in the financial banking sector, nor did it have any need to issue bonds.
“The Van Thinh Phat Group has no need to take money from the people,” Truong My Lan affirmed.
Regarding the policy on bond issuance, defendant Lan stated that in 2018, Ms. Nguyen Phuong Hong (former member of the Board of Directors and Vice President of SCB Bank, deceased) often discussed with her the issue of SCB Bank being in a stalemate due to frequent inspections.
Subsequently, Ms. Hong expressed her intention to “borrow” reputable companies from the Van Thinh Phat Group to issue bonds.
“I thought that if I didn’t lend them the companies, SCB Bank might collapse. So, I lent them the companies, but I did not intend to issue bonds. I didn’t know anything about it,” defendant Lan explained.
Defendant Chu Lap Co (far right) and his accomplices. Photo: TP |
According to Ms. Lan’s statement, following Ms. Hong’s request, she organized a “lunch” and invited defendants Dinh Van Thanh (former Chairman of the Board of SCB Bank), Vo Tan Hoang Van (former General Director of SCB Bank), Nguyen Phuong Hong, Nguyen Tien Thanh (former Chairman and General Director of Tan Viet Securities Company – TVSI), and Ho Buu Phuong (former Deputy General Director in charge of finance of the Van Thinh Phat Group).
During this lunch, defendant Lan agreed to lend An Dong Company for bond issuance to raise funds for SCB Bank’s operations. She left the invited individuals to take the initiative in studying and implementing the plan.
According to Ms. Lan, at this lunch, they discussed the listing of the Van Thinh Phat Group on the stock exchange, not bond issuance.
While denying that she initiated the bond issuance, Ms. Lan affirmed, “Although I did not use this money, I will use my own money to try to remedy the situation.”
In response to the presiding judge’s question about whether she felt wronged, defendant Lan said, “I respect the indictment, and I do not feel wronged, but I hope that you will reconsider and refrain from using the term ‘defendant has appropriated.'”
According to the indictment, around August 2018, SCB Bank was inspected by management agencies, causing difficulties in obtaining credit from SCB Bank for companies belonging to the Van Thinh Phat Group.
Therefore, Truong My Lan held discussions with Nguyen Tien Thanh and key personnel, selecting four companies within the Van Thinh Phat Group to illegally issue 25 fake corporate bond codes, worth more than VND 30,869 billion. Subsequently, Ms. Lan and her accomplices created fake cash flows to legitimize primary investors for eight companies belonging to the Van Thinh Phat Group by purchasing all the bonds of the above four companies and then selling them to tens of thousands of people to raise funds.
Thanh Phuong
Who Wants to Help Truong My Lan Fix the $425 Million Disaster?
“Through Lawyer Huyen Trang, Ms. Lan has received an offer from a friend based in the US to help her recover from the staggering loss of almost 10,000 billion VND. This generous offer is a potential lifeline for Ms. Lan, and Lawyer Huyen Trang is committed to ensuring her client’s best interests are served.”
The Secrets of Mrs. Truong My Lan: Unveiling the Truth About the Amigo, 6A-Trung Son Project
When questioned about the damages incurred, defendant Truong My Lan expressed a steadfast commitment to rectifying the situation and making amends.
Optimizing Capital: Exploring the Viable Bond Route for Banks
With positive signs of credit demand recovery in the last months of the year to boost and expand production and business, diversifying capital mobilization channels, including bond issuance by banks, is expected to witness growth in the coming time.
The Milbourne Group Scandal: Phase 2 – A Tale of Contrasting Attitudes and Behaviours
The ongoing trial uncovers the illegal activities of Truong My Lan, the former Chairwoman of the Van Thinh Phat Group, and her 33 accomplices. The extent of their lawlessness is being revealed, with each hearing shedding light on their wrongdoing.
The Van Thinh Phat Trial Phase 2: The Investigation’s Focus Takes Center Stage
Responding to the Court’s inquiries, the defendants repeatedly emphasized the directive role of Nguyen Phuong Hong (former SCB Vice President and Assistant to the Van Thinh Phat Group, now deceased), despite the authorities having dropped the investigation into this individual.
