Property tycoon Truong My Lan denies using allegedly stolen $17.5B for her needs

At her ongoing trial at the People's Court of Ho Chi Minh City, the property tycoon has been accused of using the money and raised by issuing fraudulent bonds for paying off debts, personal expenses and making investments.

But she told the court she spent all the money on restructuring the bank.

She also denied the accusation that she ordered the SCB management to falsify documents to help her withdraw money from the bank. The executives did it on their own, she said.

She said all her family credit card expenses were paid using her money and not the money embezzled from SCB.

Her husband, Eric Chu, who is also in the dock for "money laundering," admitted he spent VND33 billion on credit cards and Lan paid the bills.

He claimed to be surprised when investigators said the money came from illegal sources.

He said his family has turned in VND19 billion to pay for the losses caused to SCB.

Lan faces charges of fraudulent appropriation of assets through the issuance of bonds, money laundering and illegal trans-border movement of money.

Earlier this year she was sentenced to death for embezzling money from SCB between 2012 and 2022.

She and her accomplices owe VND677 trillion to the bank they had obtained through 1,300 different loans.

The court also found her guilty of bribery and violating banking regulations.

She has appealed the death sentence.