On September 19, the Ho Chi Minh City People’s Court will commence the first-instance trial of the Van Thinh Phat case, phase 2. This case involves fraud and asset appropriation through bond issuance by An Dong Investment Group Joint Stock Company, Sunny World Investment and Development Joint Stock Company, Quang Thuan Investment Joint Stock Company, and Ho Chi Minh City Commercial Services Joint Stock Company, with total damages exceeding 30 trillion VND affecting 35,824 victims.
In this phase, Truong My Lan, chairwoman of Van Thinh Phat, is indicted on charges of “fraud,” “money laundering,” and “illegal cross-border currency transportation.” Investigations revealed that Lan initiated the bond issuance scheme and directed her subordinates to issue corporate bonds unlawfully, resulting in significant financial losses for thousands of investors.
 Truong My Lan. Photo: Nguyen Hue |
Lan has expressed accountability for her actions and proposed a repayment plan for the bondholders, utilizing her seized and frozen assets worth billions of VND. She also emphasized the responsibility of individuals and organizations involved in the misuse of bond proceeds, ensuring full compensation for affected investors.
In the first phase of the trial, Lan was sentenced to death for “bribery,” “embezzlement,” and “violating lending regulations in credit institution operations.” As the court proceeds with the second phase, the focus is on redress for the aggrieved bond investors, with seized and frozen assets valued at over 12 billion VND, and additional amounts expected from individuals and organizations connected to the case.
The initial verdict in the Van Thinh Phat case, phase 1, also mandated the restitution of approximately 21 trillion VND to Lan from various individuals and organizations. This amount is intended to facilitate her fulfillment of financial obligations to the bondholders affected by the fraudulent bond issuance.
Furthermore, Lan’s family and the Van Thinh Phat Group have voluntarily contributed significant sums toward compensating the victims. This collaborative effort between prosecutorial agencies and other authorities aims to comprehensively recover Lan’s assets and provide much-needed relief to the aggrieved investors.
T.Nhung
