Three Saigon Commercial Bank executives receive life sentences in $27B fraud case

By Hai Duyen, Quoc Thang April 11, 2024 | 02:46 am PT

Vo Tan Hoang Van, Saigon Commercial Bank CEO, seen at the People's Court of Ho Chi Minh City. Photo by Hoang Hung

Two chairmen and a CEO of Saigon Commercial Bank (SCB) were sentenced to life for involvement in a financial fraud causing the lender losses of VND677 trillion ($27 billion).

Dinh Van Thanh and Bui Anh Dung, who served as SCB chairmen during 2014-2020 and 2020-2022 respectively, along with former CEO Vo Tan Hoang Van, were found guilty of embezzlement and violating banking regulations.

The verdicts were announced at the People's Court of Ho Chi Minh City on Thursday, where it was revealed that Thanh is currently evading capture.

These three are among the main culprits who helped Van Thinh Phat chairwoman Truong My Lan withdraw money from the bank.

Bui Anh Dung, Saigon Commercial Bank chairman, seen at the People's Court of Ho Chi Minh City. Photo by Hoang Hung

Dung and Van have shown sincerity during their collaboration with investigators and had compensated in part for the losses caused.

Lan, 68, was given death sentence for crimes of bribery, violating banking regulations and embezzlement.

From 2012 to 2022 Lan and her accomplices obtained 2,500 loans and caused losses of VND677 trillion to the bank.

She was the mastermind in the long-term scheme and committed elaborate and organized crimes, causing irrevocable consequences, judges said.

She is ordered to compensate SCB VND673.8 trillion.