Truong My Lan, the chairwoman of real estate developer Van Thinh Phat, faces charges of misappropriating VND304 trillion ($12.53 billion) from lender SCB, alongside allegations of providing $5.2 million in bribes to officials.
The Supreme People’s Procuracy of Vietnam issued the charges on Friday, a month after the Ministry of Public Security concluded its investigation into Lan and her associates.
Lan’s trial is scheduled to take place at the Ho Chi Minh City People’s Court.
A total of 85 individuals involved in the case have been charged, including 15 former officials of the State Bank of Vietnam, three former officials of the Government Inspectorate, and one former official of the State Audit Office.
The charges include embezzlement of assets, accepting bribes, abusing positions and powers during official duties, lack of responsibility leading to serious consequences, and violating regulations on banking operations.
Prosecutors stated that from February 2018 to October 2022, Lan orchestrated the submission of 916 SCB loan applications totaling VND545 trillion and misappropriated VND304 trillion.
Lan is also accused of causing interest losses of nearly VND130 trillion to SCB, resulting in a damage estimate exceeding VND64.6 trillion to the bank.
To conceal her actions, Lan allegedly instructed her subordinates to bribe inspectors, including Do Thi Nhan, the former head of the Department of Inspection and Supervision of the State Bank, who purportedly received $5.2 million.
During the investigation, prosecutors uncovered numerous loopholes in credit and banking regulations that facilitated the commission of these crimes.