Acting SCB chief received $4M bonus from Van Thinh Phat chairwoman for abetting fraud

Hoang, who is on trial for embezzlement along with the Van Thinh Phat chairwoman, worked at SCB from 2019 to 2022 in several positions before becoming acting CEO.

Prosecutors said he participated in many meetings held by the SCB management to approve loans to Van Thinh Phat-related companies.

He personally approved 270 loans worth VND183 trillion, and they caused a loss of VND65 trillion to the bank.

He also approved loans to 59 Van Thinh Phat-related companies using the Mui Den Do property project as collateral though the project was not approved by the government.

Hoang did all this fully knowing he was violating the law, according to the prosecution.

He was paid VND130-500 million a month and received a bonus of VND5 billion in cash.

In 2021 he received 300,000 shares of SCB from Lan, which were then worth VND3 billion, and 10 million shares worth VND100 billion in 2022.

He held the shares in his wife and her parents’ names.

During the investigation Hoang offered to turn in all the shares to compensate for the losses he had caused.

"Everybody had to carry out Lan’s orders or else they were replaced and lost their income," he told the police.

He retired in August 12, 2022, fearful that his wrongdoing would come to light. The Ministry of Public Security began an investigation two months later and arrested many of the people involved in the scam.

Truong My Lan is seen at the Ho Chi Minh City People's Court on Mar. 6, 2024. Photo by VnExpress/Thanh Tung

Lan is on trial for embezzlement, violating bank regulations and bribery.

She owned a 91.5% stake in SCB in the names of other people and entities. She repeatedly got huge loans from it, sometimes drawing the money even before they were approved.

Between 2012 and 2022 SCB gave Lan over 2,500 loans worth over VND1 quadrillion, equivalent to 93% of its entire loan portfolio. In all, she is accused of causing losses of VND498 trillion to the lender.

As of 2022 Lan’s network had nearly 1,300 loans at the bank worth a total of VND677 trillion, all unrecoverable.

Eighty five others are being tried for embezzlement, bribery, abuse of power while performing official duties, lack of responsibility causing serious consequences, and violating bank regulations.