They include 45 former leaders of SCB, 15 former officials of the central bank, three officials from the Government Inspectorate, and one former official from the State Audit Office. The list also includes five fugitive former SCB leaders who are currently in hiding abroad.

The trial is expected to last two months.

Nearly 200 lawyers are expected to be involved with the trial, with five of them defending Lan. 

Most of the accused have been transferred from Hà Nội to a detention facility in HCM City’s Củ Chi District over the past two months.

HCM City authorities have stored six tonnes of documents related to the case for lawyers to examine.

According to prosecutors, beginning in 2011, Lan acquired three private banks to merge into SCB, of which she used to fund her own company Vạn Thịnh Phát and its ecosystem. 

Although Lan did not hold any position at SCB, she owned a 91.5 per cent stake in the bank. 

Between 2012 and 2022, she received over 2,500 loans worth over VNĐ1 quadrillion ($44 billion) from the bank, or 93 per cent of all the loans it gave, using a network of over 1,000 companies affiliated with Vạn Thịnh Phát. The remaining 7 per cent was lent to regular customers.

This sum is equivalent to 10.7 per cent of Việt Nam’s GDP in 2022. 

As of 2022, Lan was responsible for 1,300 outstanding unpaid loans at the bank, totalling VNĐ677 trillion and labelled as “unable to collect.”

Prosecutors have accused Lan of paying bribes to conceal the bank’s financial situation, including $5.2 million to the head of the central bank’s department of inspection and supervision.

A Saigon Commercial Joint Stock Bank branch on Phạm Ngọc Thạch Street in HCM City. VNS Photo Bồ Xuân Hiệp

Police are seeking an estimated 42,000 victims of a massive bond fraud by Vạn Thịnh Phát. 

According to the police, Lan’s company made 25 bond issuances worth VNĐ30 trillion ($1.24 billion), all through fake companies, and sold to buyers through SCB. Depositors at SCB were the primary victims in the case.

Authorities have seized millions of US dollars in cash and frozen millions in assets linked to the chairwoman. 

In addition, they have recorded over 1,200 property developments owned by her company in prime locations in HCM City and other provinces. 

These funds and assets will be used to repay the victims as ordered by the court.

Vạn Thịnh Phát Co., Ltd. operates in commerce, hospitality, and real estate and owns major projects and buildings in prime locations in HCM City. 

Lan is suspected of laundering the money obtained from SCB by purchasing large properties and transferring it overseas.

Experts said it will take the government three to five years to address all problems related to the Vạn Thịnh Phát-SCB scandal. 

Prime Minister Phạm Minh Chính has blamed the Ministry of Finance, the State Securities Commission, and the central bank for their lack of oversight. 

He said the government will aggressively pursue criminal proceedings against those involved in the scam. — VNS