The 68-year-old Hong Kong property tycoon is on trial at the Ho Chi Minh City People’s Court for violating banking regulations and helping Lan misappropriate money from SCB, causing it a loss of VND9.12 trillion ($369.9 million)
Chu, as chairman and main shareholder of Times Square Vietnam Company, approved the use of the assets for 73 loans worth VND30 trillion. The loans were disbursed to accounts Lan controlled.
For these acts, Chu has been charged with assisting Lan in causing losses of VND9.12 trillion to SCB.
Chu told the court Friday that he never knew who actually took the money and for what purpose, and only signed the papers to help restructure SCB.
Only recently he became aware that he had violated the laws, he claimed.
Lan faces charges of bribery, violating bank regulations and embezzlement.
She owned a 91.5% stake in the bank, but in the names of other people and entities.
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.
As of 2022 entities she controlled had nearly 1,300 loans worth VND677 trillion, all unrecoverable.
Eighty five other people are also being tried for embezzlement, bribery, abuse of power while performing official duties, lack of responsibility causing serious consequences, and violating bank regulations.