The most prestigious building in Ho Chi Minh City
Situated in the bustling center of District 1, Saigon Times Square is a complex of commercial, office, and 6-star hotel that represents the modern beauty and prosperity of Ho Chi Minh City.
 Saigon Times Square owns a prime location. Photo: Hoang Giam |
With two frontages on the most prestigious streets of Ho Chi Minh City, Saigon Times Square comprises two twin towers, one located at 22-36 Nguyen Hue, District 1, and the other at 57-69F Dong Khoi, District 1. The two towers are about 21m apart.
At the tower located on Nguyen Hue street, Saigon Times Square is home to The Reverie Saigon – the first 6-star hotel in Vietnam. On the roof of this hotel tower, there is also a helipad. Meanwhile, the tower on Dong Khoi street is a high-end serviced apartment area.
On the roof of The Reverie Saigon 6-star hotel is a helipad. Photo: Hoang Giam |
Combining hotels, serviced apartments, Saigon Times Square also has premium office space for rent, commercial areas, high-end restaurants, and entertainment.
Although being a luxury building in Ho Chi Minh City, Saigon Times Square plays an important role in the case at Van Thinh Phat Group headed by Ms. Truong My Lan.
Saigon Times Square is owned by Times Square Vietnam Joint Stock Company. Mr. Chu Lap Co, the husband of Ms. Truong My Lan, is the main shareholder owning 99.26% of the company’s shares and holds the position of Chairman of the Board of Directors.
 Saigon Times Square is owned by Times Square Vietnam Joint Stock Company. Photo: Hoang Giam |
In 2012, when the construction project of Saigon Times Square was not completed yet, in order to restructure bad debts after the merger of 3 banks into Saigon Commercial Bank (SCB), Ms. Lan discussed with Mr. Chu Lap Co and SCB leaders on using this project as collateral for loans.
Specifically, Ms. Lan and related parties wanted to use the land use rights and future assets of the Saigon Times Square project as collateral to secure loans at SCB.
Becoming collateral for 73 loans
Following Ms. Lan’s instructions, Mr. Chu Lap Co signed minutes of shareholder meetings and resolutions of the Board of Directors of Times Square Company to approve the collateral of the company’s assets to guarantee loans for individuals and organizations designated by Ms. Lan.
After having secured collateral for borrowing, Ms. Lan continued to instruct subordinates at SCB, Van Thinh Phat Group, and Times Square Company to create “fake” loan files, with individuals’ names and “fake” loan files signed by individuals.
Saigon Times Square is a symbol of the modern beauty and prosperity of Ho Chi Minh City. Photo: Hoang Giam |
Using the above method, from December 2012 to December 2014, Mr. Chu Lap Co helped legitimize the loan files for 73 loans (67 customers), with SCB disbursing a total amount of 29,441 billion VND. The term of these loans is 5 years. All loan funds were used by Ms. Lan for personal purposes.
In 2017, when the loans were due without funds to repay SCB, Ms. Lan persuaded her husband to sign the minutes of the Board of Directors meeting of Times Square Company. The content of these minutes continued to allow the use of the company’s assets to mortgage, ensuring repayment obligations for 54 customers with loans at SCB. The total secured debt is 35,541 billion VND.
The facade of Saigon Times Square on Dong Khoi Street, District 1. Photo: Hoang Giam |
As of October 17, 2022, the obligations of the loans that Mr. Chu Lap Co signed to legitimate procedures are 46 loans with a total outstanding balance of 39,217 billion VND, including principal debt of 19,552 billion VND and interest debt of 19,665 billion VND.
According to the appraisal results, the value of the collateral assets of the loans that Mr. Chu Lap Co signed the documents to legitimize loan procedures as of September 2022 is 30,100 billion VND. In other words, Mr. Chu Lap Co helped Ms. Lan cause damages of 9,116 billion VND to SCB.
The Supreme People’s Procuracy has prosecuted Mr. Chu Lap Co for the offense of “Violating the regulations on lending activities of credit institutions.” The Supreme People’s Procuracy determined that Mr. Chu Lap Co took advantage of his position and authority as Chairman of the Board of Directors of Times Square Company to assist Ms. Lan in causing significant consequences for SCB.
Accordingly, Mr. Chu Lap Co signed minutes of shareholder meetings and resolutions of the Board of Directors of Times Square Company to mortgage the company’s assets to guarantee 73 loans, causing damages of 9,116 billion VND to SCB. During the investigation process, Mr. Chu Lap Co has made compensation with an amount of 1 billion VND.
Anh Phuong
