Truong Hue Van, CEO of Van Thinh Phat, seen at the People’s Court in Ho Chi Minh City on March 7, 2024. Photo by VnExpress/Quynh Tran
Truong Hue Van, CEO of real estate developer Van Thinh Phat, was sentenced to 19 to 20 years in prison for helping her aunt Truong My Lan rob Saigon Commercial Bank.
Prosecutors said Tuesday afternoon that Van, following Lan’s orders, directed his subordinates to create 52 shell companies and four normal companies to borrow 155 loans from SCB.
She was accused of helping Lan steal VND1.09 trillion ($44 million) from the bank and causing him a loss of VND25 billion after deducting the value of collateral.
Prosecutors also recommended 11 to 12 years in prison for Eric Chu, a Hong Kong-based real estate tycoon and Lan’s husband.
Chu is accused of signing two documents to approve the use of the Times Square building in Ho Chi Minh City as collateral for 73 loans from Lan and his accomplices, causing a loss of VND9.12 trillion for the bank .
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Eric Chu, chairman of Times Square Vietnam, seen at the People’s Court in Ho Chi Minh City on March 8, 2024. Photo by VnExpress/Quynh Tran |
Prosecutors had also recommended the death penalty for Lan because she had committed serious crimes over a long period of time and caused irrevocable consequences.
From 2012 to 2022, Lan Group has provided more than 2,500 loans to SCB with a total disbursement of more than VND1 quadrillion ($44 billion), accounting for 93% of the total credit issued by the bank.
She is accused of causing a loss of 498,000 billion VND to the bank after deducting the value of the guarantees.
