| Truong My Lan | Details |
|---|---|
| Profession | Businesswoman. |
| Age | 67. |
| Birth Date | October 13, 1956. |
| Birth Place | Saigon, Vietnam. |
| Gender. | Female. |
| Nationality | Vietnamese. |
| Descent | Chinese. |
| Relationship | |
| Husband | Eric Chu Lập Cơ. |
| Daughter | Elizabeth Chu (Chu Duyệt Phấn). |
| Crime | |
| Fraud | 12.5 billion. |
| Sentenced to | Death. |
Truong My Lan ( age 67, born October 13, 1956 ) is a Vietnamese businesswoman with Chinese roots. She started a small business selling hair accessories in Ho Chi Minh City. Then she created Van Thinh Phat Group, a company that builds houses and offices.
Van Thinh Phat Group was made in 1991 by Truong. In 1992, it became Van Thinh Phat Company Limited because Vietnam changed its business rules.
Lan knew people in the Communist government, so she got into real estate. She made Van Thinh Phat Group build fancy homes, offices, hotels, and shops and gave money services.
From 2012 to 2022, She had power over Sai Gon Joint Stock Commercial Bank (SCB), the biggest bank in Ho Chi Minh City. SCB started in 2012 when three banks were going to fail in 2011.
But Vietnam’s main bank let them join, and Truong My Lan controlled it secretly. Almost all the bank’s money went to her company, Van Thinh Phat.
Truong was arrested on October 6, 2022
Truong My Lan, the chairwoman of Van Thinh Phat Holdings Group in Ho Chi Minh City, was arrested on October 6, 2022, along with three other individuals, following a lengthy investigation. The arrest stemmed from allegations of fraudulent activities related to the issuance, purchase, and sale of bonds.
According to statements from the Ministry of Public Security, Lan and her associates were accused of unlawfully issuing bonds valued at tens of millions of U.S. dollars in 2018 and 2019.
Furthermore, they were charged with using 916 counterfeit loan applications to misappropriate more than 304 trillion dong (approximately US$12.5 billion) from Sai Gon Joint Stock Commercial Bank. During the period from February 9, 2018, to October 7, 2022, Lan held ownership of over 90 percent of the bank’s shares.
Social media reports regarding Lan’s impending arrest triggered significant concern among depositors, leading to a surge in withdrawals from Sai Gon Joint Stock Commercial Bank amid suspicions regarding Lan’s connections to the institution.
The situation escalated following the deaths of three SCB employees on October 6, 9, and 14, each reported as suicides. Subsequently, a bank run ensued.
Truong My Lan was sentenced to death
Truong My Lan was sentenced to death for crimes including embezzlement, bribery, and banking violations. She was accused of stealing over $12.5 billion from a bank using fake companies.
During a five-week trial in Ho Chi Minh City, Lan and many others were accused of a big fraud at Saigon Commercial Joint Stock Bank (SCB), hurting the savings of many people.
Truong will face death by lethal injection after a court found her guilty of stealing from SCB for many years. This is a very serious punishment for a financial crime.
She was accused of stealing $12.5 billion, which is almost 3% of Vietnam’s money in 2022. But the prosecutors now say the scam caused a total of $27 billion in damages, which is about 6% of Vietnam’s money in 2023.
Although death sentences for financial crimes are rare, Vietnam uses capital punishment for various crimes, including murder and drug trafficking.
The trial involved many people, including former bankers and government officials. Truong Lan seemed nervous during the trial, unlike most of the other accused who kept their heads down.
Lan’s husband Eric Chu sentenced to nine years
Truong My Lan’s husband, Eric Chu Nap Kee, received a nine-year prison sentence for breaking banking rules. He’s the main shareholder and Chairman of Times Square Vietnam Joint Stock Company, which is part of Van Thinh Phat Group.
Eric Chu agreed to use Times Square Company’s assets as collateral for 73 loans because he trusted his wife. This led to a loss of VND 9,116 billion for SCB.
Despite the seriousness of his actions, Eric Chu’s sentence was less than what the prosecutors suggested. The jury considered him a foreigner with limited involvement, as he relied on his wife. He cooperated with the investigation, showed regret, and received awards for charity and Covid-19 prevention.
During the trial, Eric Chu admitted his mistakes but claimed he didn’t intend to break the law because he didn’t understand Vietnamese regulations. He expressed remorse and pleaded for leniency to help his family overcome the consequences of the case.
In his final statement, Eric Chu asked the jury to spare his wife and let him return to support his family. He promised to dedicate his remaining time to helping his wife deal with the aftermath of the case.
What did we know about Truong My Lan?
Truong My Lan was born on October 13, 1956, in Shantou, China, and has gained notoriety for her business activities.
Starting as a market vendor selling cosmetics with her mother, Lan shifted to buying land and properties after Vietnam’s economic reforms in 1986. This period, known as Doi Moi, opened up new business opportunities.
By the 1990s, She owned numerous hotels and restaurants, becoming a notable figure in Ho Chi Minh City. In 2011, she played a key role in merging three struggling banks to create Saigon Commercial Bank.
Truong My Lan FAQs
Ques: Who is Truong My Lan’s husband?
Ans: Eric Chu Nap Kee.
Ques: What is the name of Truong My Lan’s daughter?
Ans: Chu Duyệt Phấn.
Ques: How old is Truong My Lan?
Ans: As of 2023, She is 67 years old.