'Because of wrongdoing, cowardice, I lost everything': central bank inspector at $12B fraud trial

In her final statement to the People's Court of Ho Chi Minh City, a tearful Nhan said in her 35 years in the banking industry she had always performed her tasks well and received many commendations.

"But because of wrongdoing and cowardice, I lost everything. I am ashamed of my behavior."

She did not explain what she meant by "cowardice".

The head of the State Bank of Vietnam’s banking inspection department, said she has learned to respect the law whatever the circumstances, she said.

She is accused of receiving $5.2 million in bribes from Vo Tan Hoang Van, the CEO of SCB and a co-accused along with Van Thinh Phat chairwoman Truong My Lan.

Prosecutors said Nhan used "subtle tricks" to cover up the crimes at the bank and recommended a life sentence.

Nhan said she had fully cooperated with investigators and been sincere in her deposition in court, and turned in the entire bribe money during the investigation, and sought leniency.

Nhan’s boss and deputy chief inspector of the central bank, Nguyen Van Hung, said he had committed "grave mistakes" and apologized to authorities for it.

He had failed as a leader, he said, and asked for reduced sentences for himself, Nhan and other members of the inspection team.

Hung has been charged with taking $390,000 in bribes from SCB and has been recommended a 11-12-year sentence.

Nguyen Van Hung, deputy chief inspector of the State Bank of Vietnam, seen at the People's Court of Ho Chi Minh City. Photo by VnExpress/Thanh Tung

Nguyen Cao Tri, chairman of property developer Capella, sought a reduced sentence saying he has two broken vertebrae and needs medical care.

He is accused of appropriating VND1 trillion from Lan. During the investigation process he returned the money in full.

Prosecutors have sought death for Lan for embezzlement, violating banking regulations and bribery after allegedly misappropriating VND304 trillion ($12.31 billion) from SCB.

From 2012 to 2022 Lan and her accomplices obtained 2,500 loans worth more than VND1 quadrillion ($44 billion) from SCB, accounting for 93% of the bank’s total lending during the period.

She is accused of causing losses of VND498 trillion.