The case of Van Thinh Phat Group is only the tip of a "broken iceberg" and there are "other icebergs that have yet to break," said National Assembly member Pham Van Hoa from the Mekong Delta province of Dong Thap on Tuesday.
The investigative agency under the Ministry of Public Security on Friday issued a conclusion on its investigation into the case which found embezzlement; violating regulations on banking and other related activities; giving and receiving bribes; abusing positions and power while performing official duties; showing a lack of responsibilities causing serious consequences; and abusing trust for property appropriation at Van Thinh Phat Group, Saigon Commercial Bank (SCB) and relevant units and organizations.
Van Thinh Phat chairwoman Truong My Lan has been accused of controlling operations at SCB, once among the largest banks in Vietnam by assets, to appropriate over VND304 trillion ($12.53 billion), larger than the combined assets of Vietnam's five dollar billionaires.
The investigative agency also proposed prosecuting Lan for giving bribes, violating regulations on banking activities, and embezzlement.
"The public expects the money and assets appropriated by individuals in this case to be recovered," Hoa told a National Assembly discussion on crime prevention and fighting, judgment enforcement, and anti-corruption work.
“This case with the highest number of cash bribes ever and the largest amount of money misappropriated and potentially lost,” he commented.
Truong My Lan and her accomplices made thousands of false loan documents to appropriate $12.53 billion from SCB, he said, adding that the chief of an inspection team from the State Bank of Vietnam received bribes worth up to $5.2 million.
Sharing the same view, legislator Trinh Xuan An from the southern province of Dong Nai held that Van Thinh Phat is a particularly serious case, causing huge consequences for the economy and affecting the trust of people and customers in banking activities.
"The case sets records for the amount of money appropriated; the number of defendants, and the people affected,” he said, proposing authorities take thorough measures to fix the consequences with minimal impact on the socio-economic situation or legitimate interests of organizations and individuals.