In relation to the case of Fraudulent Appropriation; Money Laundering; and Illegal Transportation of Currency across the Border committed by Truong My Lan and 33 other defendants, the Ho Chi Minh City People’s Court continues to notify investors who purchased bonds from the following companies: An Dong Investment Group Joint Stock Company, Sunny Word Investment Joint Stock Company, Quang Thuan Investment Joint Stock Company, and Ho Chi Minh City Service and Trading Joint Stock Company (Setra).
Accordingly, victims who are not listed as bondholders in the conclusion of the investigation by the Ministry of Public Security’s Investigation Agency and have not submitted their petitions to the Ho Chi Minh City People’s Court should continue to do so to be considered under the provisions. The deadline for receiving petitions is August 30, 2024.
After this date, the Ho Chi Minh City People’s Court will no longer accept compensation claims from bondholders of the above-mentioned four companies. The rights of individuals will be resolved through a civil case if requested by the parties, in accordance with the law.
Truong My Lan. Photo: Nguyen Hue |
According to the indictment by the VKS, Truong My Lan and her accomplices issued 25 fake bond packages, with a total value of more than VND 30,869 billion, without any collateral. To date, these bond packages still have outstanding debts of over VND 30,081 billion owed to more than 35,000 investors, and there is no ability to repay.
To conceal the source of funds obtained from the bond issuance and VND 415,000 billion obtained from the act of “Embezzlement” from SCB’s funds, Lan instructed her subordinates to coordinate and devise a plan to withdraw and transfer money out of the banking system for various purposes.
Regarding the act of “Illegal Transportation of Currency across the Border”, it is alleged that from 2012 to 2022, whenever there was a need to use money transferred abroad to repay debts or receive loans from abroad, Truong My Lan instructed Trinh Quang Cong (General Director of SPG Company) to coordinate with Nguyen Phuong Anh (Deputy General Director of SPG Company) and Chiu Bing Keung Kenneth (a lawyer in charge of managing foreign companies) to establish “fake” contracts for the purchase and sale of shares, capital contributions, and consulting services between companies in Vietnam and companies or organizations abroad (all of which are shell companies).
Through these “fake” contracts, loan money was transferred from abroad to Vietnam, and debt repayment money was transferred from Vietnam to abroad through the SCB banking system.
The total amount of money that Lan and her accomplices illegally transported across the border was more than 4.5 billion USD, equivalent to VND 106,000 billion.
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Previously, in the first phase of the trial, Truong My Lan was sentenced to death by the Ho Chi Minh City People’s Court for the crime of “Embezzlement”, 20 years imprisonment for “Bribery”, and 20 years imprisonment for “Violation of Regulations on Lending in the Activities of Credit Institutions”. The combined sentence is death. Lan’s husband, Chu Lap Co (Chairman of the Board of Directors of Times Square Investment Joint Stock Company), was sentenced to 9 years in prison for “Violation of Banking Regulations and Operations”. Her granddaughter, Truong Hue Van (former General Director of Van Thinh Phat Investment Group Joint Stock Company), was sentenced to 17 years in prison for “Embezzlement” and “Violation of Regulations on Lending in the Activities of Credit Institutions.” Eighty-three accomplices were also sentenced to prison terms ranging from 3 years of probation to life imprisonment. After the first-instance trial, Truong My Lan, her husband, granddaughter, and 19 other defendants appealed for leniency. |
Thanh Phương
Trial of Vạn Thịnh Phát Case from 5/3 – 29/4
The Ho Chi Minh City People’s Court will hold the first-instance trial of 86 defendants in the Vạn Thịnh Phát case from March 5th to April 29th.
Summoning Thousands of People to the Trial of Ms. Truong My Lan
In addition to the 86 defendants, the court has also summoned over 2,400 individuals with relevant rights and obligations, including nearly 200 lawyers, to serve in the trial of the misconduct case at SCB Bank and VTP Corporation.
Who are the 5 persons summoned for questioning in the Vạn Thịnh Phát case?
TAND TP HCM urges defendants to surrender to enjoy the leniency policy of the Party and the State.
How did 5 fugitive former SCB bank executives assist Ms. Truong My Lan?
The 5 defendants, former employees of SCB Bank, have been identified as actively assisting Truong My Lan in withdrawing money from the bank, resulting in significant consequences.
