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Subscribe to
The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
  • You can notify us of your intent to cancel at any time during your billing period. Cancellations take effect at the end of your current billing period.
28.9 C
Ho Chi Minh City
Monday, January 13, 2025

Second-phase Van Thinh Phat case to be brought to court

The Saigon Times

Must read

HCMC – The HCMC People’s Court will hold a hearing of the second phase of the Van Thinh Phat case involving Truong My Lan and 33 other defendants, with the start date set for September 19, according to local media.

The trial is expected to last a month.

The case involves over 35,900 identified victims, with 534 individuals and organizations recognized as having relevant rights and obligations.

Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, along with 33 accomplices, faces charges of fraud, money laundering, and illegal cross-border transfer of currency.

The indictment states that Lan and her accomplices orchestrated 25 fraudulent bond issues, lacking sufficient collateral and currently unable to meet payment obligations. The total value of these bond packages exceeds VND30,869 billion, leaving outstanding debt of VND30 trillion and affecting more than 35,000 investors.

In addition to fraud, Lan is charged with money laundering, with transactions totaling VND445 trillion, and illegal cross-border currency transfers amounting to US$4.5 billion.

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