HCMC – Tran Qui Thanh, founder and former chief executive officer of Tan Hiep Phat Beverage Group, has been sentenced to eight years in prison for abusing trust to misappropriate property.
His daughters, Tran Uyen Phuong and Tran Ngoc Bich, got respective sentences of four and three years for the same charge. Bich’s sentence was a suspended one.
Following a three-day trial, the People’s Court of HCMC delivered the verdict this morning. Between 2019 and 2020, the trio provided loans to four individuals – Lam Son Hoang, Nguyen Huy Dong, Nguyen Van Chung, and Dang Thi Kim Oanh – through intermediaries.
By offering these loans, offered at an exorbitant interest rate of 3% per month or 36% per year, Thanh required borrowers to sign contracts transferring assets or stakes of projects to conceal the lending.
When the borrowers fulfilled their repayment obligations, Thanh and his daughters refused to return the assets, claiming that the borrowers had breached their commitments. The total value of assets misappropriated from the four victims amounts to VND1,048 billion.
