Why Truong My Lan’s Hong Kong billionaire husband is in the dock in fraud trial

By Quoc Thang   March 4, 2024 | 07:32 pm PT
Why Truong My Lan’s Hong Kong billionaire husband is in the dock in fraud trial
Hong Kong billionaire Eric Chu, husband of Van Thinh Phat chairwoman Truong My Lan, divests from luxury apartments and a hotel in Hong Kong. Buildings in Hong Kong. Photo from Pixaybay
Hong Kong billionaire Eric Chu is accused of aiding his wife Truong My Lan, property developer Van Thinh Phat’s chairwoman, misappropriate money from Saigon Commercial Bank (SCB).

He is charged with violating regulations governing the operations of credit institutions by the Supreme People's Procuracy of Vietnam.

It has accused Chu of causing losses of over VND9.1 trillion (US$368.4 million) to SCB by helping his wife misappropriate money from it.

Chu is the majority owner and chairman of real estate developer Times Square Vietnam, whose properties were used as collateral for obtaining numerous loans from SCB by Lan.

She also allegedly falsified documents to obtain numerous loans.

Chu helped his wife borrow VND30 trillion.

When the loans fell due in 2017, Lan again got her husband to put up Times Square’s assets as collateral to borrow more money to repay them.

According to investigators, Lan appropriates the bank VND304 trillion in principal and over VND194 trillion in interest.

Lan, the alleged mastermind of the scam, stands trial this week for bribery, violating bank regulations and embezzlement.

There are 85 others in court on Tuesday, including 45 former SCB executives, 15 central bank officials, three Government inspectors, and one former official from the State Audit Office.

They face charges of embezzlement, bribery, abusing their authority while performing official duties, lack of responsibility causing serious consequences, and violating banking regulations.

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