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Embezzlement charges filed against Tan Hiep Phat chairman, two daughters

The Saigon Times

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HCMC – The founder and chairman of Tan Hiep Phat Beverage Group, and his two daughters have been charged with misappropriating assets valued at a total of VND767 billion.

A police investigation found the questionable lending practices employed by chairman Tran Qui Thanh and his daughters – Tran Uyen Phuong and Tran Ngoc Bich – to provide loans to individuals.

Instead of asking borrowers to use assets as collateral, the trio told them to sign project transfer contracts in which assets were undervalued. When borrowers agreed to transfer assets to Tan Hiep Phat as part of their loan repayment, Thanh told his two daughters to manipulate ownership transfers to gain control over assets, including real estate and shares.

Despite borrowers fulfilling their repayment obligations, deceptive tactics were allegedly employed to withhold repayments and maintain control over the collateral assets. The investigation looked into four instances of such lending, affecting multiple projects and land parcels valued at over VND767 billion.

This case surfaced in March 2021 given borrower complaints. By November 2022, the police suspended the case pending further clarification and additional expert evaluations. In early April 2023, the chairman of Tan Hiep Phat and his daughter, Tran Uyen Phuong, were apprehended in connection with the investigation.

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