SCB wants $31B recompense from Van Thinh Phat chairwoman

By Hai Duyen   March 14, 2024 | 09:59 pm PT
SCB wants $31B recompense from Van Thinh Phat chairwoman
Van Thinh Phat chairwoman Truong My Lan seen at the People's Court of Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The Saigon Commercial Bank, from whom Van Thinh Phat chairwoman Truong My Lan allegedly misappropriated money for a decade, is seeking VND760 trillion (US$30.74 billion) from her.

Ha The Dinh, deputy CEO of SCB, told the People’s Court of Ho Chi Minh City Thursday that she caused losses worth VND760 trillion to the bank, and not VND498 trillion as claimed by the prosecutors.

She also has to pay interest until the amount is fully paid, he told the court, where Lan and her accomplices are on trial for embezzlement, bribery and other crimes.

Dinh said the 1,166 assets that Lan and her accomplices used as collateral should be handed over back to SCB in full even if they lack legal papers.

All other assets acquired with the money illegally obtained from SCB should also be managed by the bank, he said.

Lan had appropriated 67 assets from the bank, and they should be returned now, he added.

Appraisal companies that had fraudulently inflated the value of some of the collateral, causing losses to the bank, should pay compensation, he added.

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.

She is accused of causing losses of VND498 trillion to the lender.

Prosecutors have accused Lan of appraisal fraud to get bigger loans from SCB.

Her assets at the bank were ostensibly worth VND487 trillion, but during the investigation an independent company determined their value at just VND108 trillion.

She allegedly took 67 assets out of SCB, including the Sherwood Residence building in HCMC’s District 3 and 66 Pho Duc Chinh building in District 1. Some have been sold off, including to foreign owners.

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

go to top