Nguyễn Cao Trí, 54, chairman of Capella Group, faces a proposed sentence of 10 years in prison for embezzling VNĐ1 trillion (US$40.3 million) from the chairwoman of Vạn Thịnh Phát property developer. VNA/VNS Photo

HCM CITY — A businessman was found guilty of embezzling VNĐ1 trillion (US$40.3 million) from Trương Mỹ Lan, chairwoman of Vạn Thịnh Phát property developer, and faces a possible 10-year prison sentence recommended by the HCM City People’s Procuracy.

On Wednesday, Nguyễn Cao Trí, 54, chairman of Capella Group, was found guilty of embezzling the funds to buy stakes in various companies.

However, he has returned over VNĐ700 billion after being arrested in October 2022 and has promised to return the rest as soon as possible, according to the Procuracy.

The Procuracy considered the fact that the businessman had returned the money as well as other assets, so it reduced the recommended sentence for Trí, who is the only defendant in the case charged with “abuse of trust.”

Other defendants, including numerous SCB executives and government officials, face sentences ranging from 19 years to life imprisonment.

They have been charged with embezzlement, bribery, abuse of power, lack of responsibility, and violating bank regulations.

The Procuracy has recommended the death penalty for Trương Mỹ Lan if she is found guilty of multiple financial crimes, including misappropriating VNĐ304 trillion from Saigon Commercial Joint Stock Bank (SCB), Việt Nam’s largest private bank by assets.

Despite offering to sell off personal assets to cover the damages, the “most severe penalty” was recommended for Lan due to the seriousness of the crimes, according to the Procuracy.

While all other defendants have admitted to the charges brought against them, the 68-year-old chairwoman has maintained her innocence.

Lan has also rejected the prosecution’s accusation that she manipulated the lender’s operations, saying she only owned a 5 per cent stake in the bank.

She explained that the remaining stakes were held by her two daughters (5 per cent each) and friends in Việt Nam (30 per cent) and overseas (30 per cent).

The police have seized millions of US dollars in cash and frozen assets linked to Lan. The funds are intended to compensate for the damages at SCB and repay bond victims.

Due to the complexity of the case and the large number of defendants involved, the trial is expected to last until the end of next month.

According to the Procuracy, the trial will be conducted in “a fair and transparent manner, without any restrictions or privileges,” to uphold the public’s trust in the Party and the State. — VNS