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Van Thinh Phat fraud case to be brought to court in March

The Saigon Times

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HCMC – Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, and 85 others will begin standing trial on March 5, with proceedings expected to last until April 29.

The People’s Court of HCMC announced on February 16 that it had decided to hear the case involving Van Thinh Phat and Saigon Commercial Bank (SCB) in two months.

Pham Luong Toan, chief of the Criminal Court at the HCMC People’s Court, will preside over the trial, with 10 prosecutors from the Supreme People’s Procuracy and the HCMC People’s Procuracy presenting the case.

Lan will be represented by a team of five lawyers. According to the indictment from the Supreme People’s Procuracy, Lan, despite not holding an official position at SCB, allegedly utilized the bank as a personal capital mobilization channel, withdrawing VND304 trillion from customers’ deposit accounts, resulting in nearly VND130 trillion in interest losses.

Lan faces charges related to three crimes, including giving bribery, violating regulations on bank operations, and embezzlement of assets. Lan is also charged with issuing and trading bonds to appropriate thousands of billions of Vietnamese dong from investors during the 2018-2019 period, with these charges set aside for further investigation.

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