Court to Announce Verdict Tomorrow in Vạn Thịnh Phát Case
After more than a month of trial and deliberation, the People’s Court of Ho Chi Minh City is expected to deliver its verdict tomorrow, April 11th. The case involves Truong My Lan and 85 other defendants who are implicated in the misconduct at Vạn Thịnh Phát Group, Saigon Commercial Bank (SCB), and related entities.
SCB: Truong My Lan’s Financial Tool
In this case, Truong My Lan, Chairwoman of Vạn Thịnh Phát Group, is the only defendant facing the death penalty. She is charged with three offenses: embezzlement, bribery, and violation of regulations on lending by credit institutions.
During the trial, Lan and her defense lawyers repeatedly requested the court to reconsider the circumstances of the case, as well as the charges of embezzlement and bribery against her. They also asked for a reassessment of the consequences of violating lending regulations.
According to Lan’s lawyers, she is merely a legitimate investor in SCB and placed a significant amount of her family’s assets in the bank to restructure non-performing loans, ensuring liquidity and preventing the collapse of SCB. They argue that Lan did not have a managerial role in the bank and, therefore, lacks the necessary elements to be accused of embezzlement.
Regarding the allegation of bribery, Lan’s defense lawyers argue that, apart from the testimony of Vo Tan Hoang Van, former CEO of SCB, there is no other evidence proving that Lan instructed him to give $5.2 million to Do Thi Nhan, head of the SCB inspection delegation. They believe that the credibility of Van’s statement should be reevaluated.
A Clearer Picture of Truong My Lan’s Assets
In response to these arguments, the prosecution stated that as of October 2022, Lan had acquired and held over 91% of SCB’s charter capital. The prosecution also emphasized that all the assets Lan brought to SCB were mere means and methods of committing crimes.
According to the investigation results, it has been proven that Lan did not possess as many assets as she claimed. Before the merger of SCB’s predecessor banks, Lan still had a considerable amount of debt at SCB and Tien Nghia Bank. After the merger, SCB identified these debts as difficult to collect, with low-value assets. Lan lacked the financial capacity but wanted to use SCB as a financial tool to raise money from the public for various purposes, including real estate businesses.
Defendants Acknowledge Their Wrongdoings
Throughout the trial, the former leaders and officials of SCB and Vạn Thịnh Phát Group consistently acknowledged their wrongdoings. They stated that the fraudulent loan applications and approvals were due to their excessive trust in Truong My Lan’s successful restructuring of SCB.
Realizing their own misconduct and the extensive damage caused, many defendants voluntarily resigned from their positions. They believe that since they did not benefit other than earning a salary, they hope the court will consider their remorse and grant leniency under the law.
Truong My Lan voluntarily offered to handle her assets to address the consequences of the case. She also pledged to mobilize her friends and relatives to cooperate in resolving the aftermath.
Verdict and Sentencing
During the proceedings, the court granted ample opportunity for all parties to respond and engage in additional arguments. Many defendants demonstrated genuine remorse and made financial contributions to mitigate the consequences of the case.
After considering the aggravating and mitigating circumstances for the defendants, the People’s Procuracy has requested reduced sentences for 22 defendants, including Lan’s husband and granddaughter. However, for Truong My Lan, Do Thi Nhan, and the remaining defendants, the prosecution maintains its original indictment and allegations.
The verdict will be announced tomorrow, and it will mark the conclusion of the trial that has captivated public attention.
