{"id":47740,"date":"2024-03-05T00:13:50","date_gmt":"2024-03-05T08:13:50","guid":{"rendered":"https:\/\/sweet-pascal.52-27-215-206.plesk.page\/vietnams-biggest-fraud-trial-gets-underway\/"},"modified":"2024-03-05T00:13:50","modified_gmt":"2024-03-05T08:13:50","slug":"vietnams-biggest-fraud-trial-gets-underway","status":"publish","type":"post","link":"https:\/\/vietvalley.com\/en\/vietnams-biggest-fraud-trial-gets-underway\/","title":{"rendered":"Vietnam\u2019s biggest fraud trial gets underway"},"content":{"rendered":"<p><span>The chairwoman of property company Van Thinh Phat went on trial in Ho Chi Minh City Tuesday, accused of misappropriating more than US$12 billion in Vietnam\u2019s biggest fraud case.<\/span><\/p>\n<p><span>Truong My Lan, 68, is accused of bribery, embezzlement and violating bank regulations in connection with a VND304 trillion loan from Saigon Commercial Bank, or SCB.<\/span><\/p>\n<p><span>Hundreds of police officers were called out to provide security at the trial, <\/span><a href=\"https:\/\/e.vnexpress.net\/news\/business\/companies\/van-thinh-phat-chairwoman-truong-my-lan-s-12b-fraud-trial-begins-4718448.html\" target=\"_blank\" rel=\"noopener\"><span>Vietnamese media reported<\/span><\/a><span>.<\/span><\/p>\n<p><span>Lan\u2019s Hong Kong billionaire husband Eric Chu is accused of helping her secure the illegal loan from SCB \u2013 more than 90% owned by Lan \u2013 causing the bank to lose the equivalent of US$369 million.<\/span><\/p>\n<p><span>Police and security guards guarded the court entrances from possible protests by angry investors as nearly 80 defendants arrived early Tuesday morning.\u00a0<\/span><\/p>\n<p><span>The accused include 45 SCB executives, 15 State Bank of Vietnam officials, three government inspectors and a former official at the State Audit Office, according to media reports. Eight defendants are on the run, with international arrest warrants out for them.<\/span><\/p>\n<p><span>Thousands of witnesses have been called to testify in a trial expected to last two months.<\/span><\/p>\n<p><span>The case has claimed the cash of an estimated 42,000 victims, SCB bondholders who haven\u2019t seen a return on their investments since Lan\u2019s arrest in Oct. 2022, leading to rare protests in Hanoi and Ho Chi Minh city.<\/span><\/p>\n<p>Edited by Taejun Kang and Elaine Chan.<\/p>\n<p>\u00a0<\/p>\n<p>Tin t\u1eeb RFA <a href=\"https:\/\/www.rfa.org\/english\/news\/vietnam\/vietnam-fraud-trial-03052024025227.html\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The chairwoman of property company Van Thinh Phat went on trial in Ho Chi Minh City Tuesday, accused of misappropriating more than US$12 billion in Vietnam\u2019s biggest fraud case. Truong My Lan, 68, is accused of bribery, embezzlement and violating bank regulations in connection with a VND304 trillion loan from Saigon Commercial Bank, or SCB. &hellip;<\/p>","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[82,239],"tags":[246,251],"class_list":["post-47740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-society","category-vietnam","tag-english","tag-rfa"],"_links":{"self":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/47740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/comments?post=47740"}],"version-history":[{"count":0,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/47740\/revisions"}],"wp:attachment":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/media?parent=47740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/categories?post=47740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/tags?post=47740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}