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Tuesday, May 21, 2024

Police urge victims of Van Thinh Phat fraud case to speak up

The Saigon Times

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HCMC – The Ministry of Public Security is urging victims who bought bonds from Van Thinh Phat Group and three affiliated companies to provide information and documents to aid the ongoing investigation into a massive fraud scheme.

The case involves the alleged misappropriation of property by Van Thinh Phat Group along with An Dong Investment Group Corporation, Quang Thuan Investment Corporation, HCMC Service Trading Corporation, Sunny World Investment and Development Corporation, and their associated entities. Between 2018 and 2020, these organizations reportedly sold 25 bond packages worth nearly VND30.1 trillion, subsequently misusing the funds raised.

Authorities have identified the holders of the 25 bond packages, which include codes such as ADC-2018.09, ADC-2018.09.1, ADC-2019.01, QT-2018.12.1, SNWCH1823001, and from SET.H2025.01 to SET.H2025.20, as victims in this case.

These bondholders are now being requested to come forward with any relevant information and documents to facilitate the investigation.

This request follows a month-long trial that concluded on April 11, when the People’s Court of HCMC delivered verdicts for Truong My Lan and over 80 other defendants in the initial phase of the investigation.

Truong My Lan, the 68-year-old chairwoman of Van Thinh Phat, was sentenced to 20 years in jail for violations of banking regulations, to death for embezzlement of assets, and to 20 years behind bars for giving bribes. Her combined sentence is capital punishment.

Truong Hue Van, CEO of Van Thinh Phat Group, was sentenced to 17 years in prison. Dinh Van Thanh, former chairman of Saigon Commercial Bank (SCB), and Do Thi Nhan, former chief of the Inspection and Supervision Department II under the State Bank of Vietnam, both received life jail terms.

In a related civil liability ruling, Truong My Lan is required to repay SCB for the outstanding debt of 1,243 loan installments as of October 17, 2022, totaling over VND673 trillion.

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