Prosecutors propose 20-year prison sentence for Truong My Lan’s niece

The prosecutors said Tuesday afternoon that Van, following Lan’s orders, told her subordinates to establish 52 shell companies and four normal ones to borrow 155 loans from SCB.

She was accused of helping Lan steal VND1.09 trillion ($44 million) from the bank and causing a loss of VND25 billion to it after deducting the value of collaterals.

The prosecutors also recommended 11-12 years prison for Eric Chu, a Hong Kong-based property tycoon and Lan’s husband.

Chu is accused of signing two documents to approve the use of the Times Square building in Ho Chi Minh City as collaterals for 73 loans of Lan and her accomplices, causing as loss of VND9.12 trillion to the bank.

Eric Chu, chairman of Times Square Vietnam, seen at the People's Court of Ho Chi Minh City on March 8, 2024. Photo by VnExpress/Quynh Tran

The prosecutors had also recommended a death sentence for Lan as she committed severe crimes a long period and caused irrevocable consequences.

From 2012 to 2022, Lan's group has more than 2,500 loans at SCB with a total disbursement of more than VND1 quadrillion ($44 billion), which accounts for 93% of the total credit that the bank has issued.

She is accused of causing a loss of VND498 trillion to the bank after the value of collaterals has been deducted.