This morning, March 5th, the Ho Chi Minh City People's Court opened the first-instance trial of defendant Truong My Lan (68 years old, Chairwoman of Van Thinh Phat Group) on three charges: embezzlement of assets; bribery; and violation of regulations on lending in the operations of credit institutions. The indictment states that this is the case with the largest losses ever, with total losses for SCB estimated at approximately 498,000 billion VND.
Defendant Truong My Lan at the trial this morning, March 5th.
Among the 86 defendants on trial, there are 45 former leaders and officials of SCB; 15 former officials of the State Bank of Vietnam; 3 former officials of the Government Inspectorate ; one former official of the State Audit Office; and 7 defendants from a valuation company. The Supreme People's Procuracy prosecuted them for the crimes of: embezzlement of assets; bribery; abuse of power and authority while performing official duties; negligence causing serious consequences; and violations of regulations on banking operations...
Ms. Truong My Lan's initial testimony in the Van Thinh Phat trial.
At today's hearing, the panel of judges announced that they would try 86 defendants, including 5 who are wanted fugitives and will be tried in absentia; the remaining 2 defendants requested to be tried in absentia due to health reasons. Thus, 79 out of 86 defendants were present at the hearing this morning, March 5th.
Among the five defendants tried in absentia who are currently wanted is Dinh Van Thanh (former Chairman of the Board of Directors of SCB). Thanh has been wanted since October 29, 2023, and is being prosecuted for embezzlement of assets; violating regulations on banking operations and other activities related to banking operations. The indictment identifies Thanh as an accomplice assisting Truong My Lan.
Dinh Van Thanh actively assisted the defendant Truong My Lan in committing the crime.
According to the indictment, defendant Dinh Van Thanh previously held the positions of Deputy General Director and Vice Chairman of the Board of Directors of First Bank. From June 28, 2012 to December 6, 2020, Dinh Van Thanh was appointed Chairman of the Board of Directors of SCB by Truong My Lan.
In 2020, Dinh Van Thanh resigned, went abroad, and introduced Bui Anh Dung to replace him as Chairman of the Board of Directors. During his time at SCB, Dinh Van Thanh signed decisions to establish three new units solely dedicated to processing illegal loan applications for Truong My Lan and Van Thinh Phat Group.
The defendants in court
Acting on instructions from Truong My Lan, defendant Dinh Van Thanh signed credit approval documents for loans to Truong My Lan, but allowed "shell" companies and hired individuals to act as nominees, actively assisting Truong My Lan in committing the crimes of embezzlement of assets; violating regulations on banking operations and other activities related to banking operations.
Specifically, from 2012 to 2020, defendant Dinh Van Thanh signed 327 meeting minutes/voting slips of the Board of Directors and signed 273 resolutions approving 479 loans for 269 customers, which Truong My Lan used for purposes other than those specified in the loan plan.
The indictment identifies Dinh Van Thanh's actions as actively assisting Truong My Lan, causing losses to SCB exceeding 142,447 billion VND.
The group of 5 former senior leaders of SCB, who are currently wanted, include defendants Suong, Thanh, Vu, Ton, and Dung (from left to right, top to bottom), and were tried in absentia.
The remaining four defendants, who were tried in absentia, are also wanted for violating regulations on banking operations and other activities related to banking operations. These include: defendant Nguyen Thi Thu Suong (former Chairwoman of the Board of Directors of SCB), causing losses to SCB of nearly 7,000 billion VND; defendant Tram Thich Ton (former member of the Board of Directors of SCB), causing losses to SCB of over 7,100 billion VND; defendant Chiem Minh Dung (former Deputy General Director of SCB), causing losses of over 140,000 billion VND; and defendant Nguyen Lam Anh Vu (former Deputy Director of the Ben Thanh Branch of SCB), causing losses of over 3,700 billion VND.
Truong My Lan case: Security tightened ahead of the first-instance trial.
The presiding judge stated in court that this is a particularly serious case, attracting significant public and social attention. Five defendants, who were wanted and tried in absentia today, had fled abroad before being formally charged and their whereabouts are currently unknown; they are being sought by the Ministry of Public Security . The court urged these defendants to surrender to receive leniency from the Party and the State.
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