On the afternoon of March 5, the trial of defendant Truong My Lan (68 years old, Chairwoman of Van Thinh Phat Group) along with her husband Chu Lap Co (68 years old) and 84 accomplices entered the questioning phase. Before questioning the defendants, the representative of the People's Procuracy announced the indictment.

According to the indictment, from 2012 to October 2022, Ms. Truong My Lan acquired and actually held almost all of SCB Bank's shares (from 85-91.5% of shares), thereby becoming a "powerful" shareholder.

VTP 31.jpg
Representative of the People's Procuracy announced the indictment

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.

VTP 30.jpg
Defendant Truong My Lan (white shirt) and other defendants listen to the announcement of the indictment.

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.

429475519 777402127637851 2800811630776993869 n.jpg
Defendants in court. Photo: Hue EX

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.

Defendant Truong My Lan said she was healthy enough to attend the trial.

Defendant Truong My Lan said she was healthy enough to attend the trial.

On the morning of March 5, the Van Thinh Phat trial panel conducted a background check on the defendants. Ms. Truong My Lan said that she was mentally stable and in good health to attend court.
Ms. Truong My Lan's first testimony in court

Ms. Truong My Lan's first testimony in court

Despite being brought to trial on many charges, Ms. Truong My Lan appeared quite calm, agile, and in stable health.
What did defendant Truong Hue Van, granddaughter of Ms. Truong My Lan, say during the background check?

What did defendant Truong Hue Van, granddaughter of Ms. Truong My Lan, say during the background check?

Defendant Truong Hue Van is said to have assisted Ms. Truong My Lan in embezzling 1,088 billion VND from SCB bank. This morning, at the background check of the Van Thinh Phat trial, the defendant answered the questions of the panel of judges.