Scam the scammer: How partner almost hustled $40M from Van Thinh Phat chairwoman

Tri, who is being tried for appropriation of assets, took around VND1 trillion from Lan over the course of three business dealings, according to the prosecution.

The chairman of property developer Capella offered in 2018 to sell a 30% stake in another of his companies, Rubber Corporation based in the southern province of Dong Nai. He even promised to eventually sell her a 65% stake in it.

Lan paid $6 million upfront and another VND500 billion ($23 million) later, but Tri never transferred the shares he had promised to her.

In 2019 Tri had urged her to invest in an industrial park in Quang Ninh Province in the north.

Tri borrowed $12.5 million from Lan, and the two agreed that the money would be Lan’s investment in the park once it became operational.

But its development was delayed, and Lan demanded her money back, but Tri did not oblige her.

In 2020 he borrowed another VND300 billion from her to invest in tourism company Sai Gon Dai Ninh, and promised to pay her back VND500 billion once he sold stakes in it to investors, but yet again defaulted.

By this time Lan had lost faith in Tri, she told the court. She met with him and they agreed he owed her VND1 trillion.

After both were arrested last year Tri initially told the police he had never obtained any money from Lan and was defamed by her.

But he later admitted to taking the money, and paid her back in full.

Tri successfully sought the court’s permission not to attend the trial due to a severe spine injury.

Nguyen Cao Tri, chairman of Capella, seen at the People's Court of Ho Chi Minh City. Photo by VnExpress/Thanhh Tung

So far 79 out of 86 defendants being tried for the Saigon Commercial Bank fraud have admitted to their wrongdoing.

SCB and Van Thinh Phat executives have said they were ordered by Lan to help her misappropriate money from the bank, and State Bank of Vietnam inspectors said they were similarly directed by their bosses.

Lan faces charges of bribery, violating banking regulations and embezzlement.

Between 2012 and 2022 SCB gave her 2,500 loans worth over VND1 quadrillion ($44 billion), equivalent to 93% of its entire loan portfolio.

In all, she is accused of causing losses of VND498 trillion to the lender.

The 85 others are being tried for embezzlement, bribery, abuse of power while performing official duties, lack of responsibility causing serious consequences, and violating banking regulations.