Trương Mỹ Lan, 68, chairwoman of property developer Vạn Thịnh Phát, is facing charges of “bribery, violating bank regulations and embezzlement”. — Photo courtesy of the Police

HCM CITY — Trương Mỹ Lan, the chairwoman of property developer Vạn Thịnh Phát who has been accused of bribery, violating bank regulations, and embezzlement through Saigon Commercial Joint Stock Bank (SCB), has been transferred from Hà Nội to HCM City for trial next month.

The 68-year-old chairwoman, along with eight other defendants who are former leaders of SCB, were transferred to a detention facility in Củ Chi District on Wednesday.

The transportation process was carried out with extra precautions by the Ministry of Public Security and HCM City Police due to the seriousness of the case.

To support the trial, the court has summoned over 2,400 individuals with relevant rights and obligations.

The preparation for the trial is nearly complete after two months of implementation, including personnel, organisation, and courtroom security.

The trial is expected to last two months.

Trương Mỹ Lan faces allegations with 85 co-defendants who have been charged with similar crimes, including “abuse of power and position while performing official duties” and “lack of responsibility causing serious consequences”.

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 court has called on the five fugitive defendants to surrender in order to receive leniency from the Party and the State.

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

HCM City authorities have 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, 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 US$5.2 million to Đỗ Thị Nhàn, former head of the the central bank’s Department of Inspection and Supervision.

If convicted, Lan could receive the maximum penalty of death.

During the investigation process, the chairwoman denied any wrongdoing related to the lender. — VNS