This morning (September 19), the Ho Chi Minh City People’s Court began the trial of Truong My Lan and 33 accomplices (phase 2). Compared to the first phase, the new charges in this phase expose the defendants’ more sophisticated schemes and the particularly complex nature of the case.
Embezzlement of more than VND 445,000 billion
In the first phase of the trial, the defendants were convicted of “Violation of regulations on lending in the operation of credit institutions”, “Bribery”, and “Embezzlement”. These acts mainly involved the management of assets at SCB Bank and bribery activities to carry out or cover up wrongdoings. The scope of these offenses primarily revolved around the banking sector and domestic financial transactions.
In the second phase, the Supreme People’s Procuracy of Vietnam has indicted Truong My Lan and her accomplices on charges of “Fraud”, “Money Laundering”, and “Illegal cross-border transfer of money”. According to the indictment, the Van Thinh Phat Group, founded by Truong My Lan in 1992, played a central role in manipulating and controlling multiple legal entities, including SCB Bank and TVSI Securities Company, through a network of individuals and front companies.
From 2018 to 2020, Truong My Lan directed a series of deceitful acts, including the issuance of 308,691,388 “fake” bonds through An Dong, Sunny World, Quang Thuan, and Setra companies, with a total value of more than VND 30,000 billion. These bonds were issued to raise funds from 35,824 investors, but the proceeds were then diverted from their original purpose and used for other objectives, rendering these companies unable to repay the bond debts.
From 2018 to October 2022, Truong My Lan and her accomplices embezzled more than VND 445,000 billion through various fraudulent activities and illegal bond issuances. Ms. Lan also instructed the withdrawal and transfer of this money out of the SCB banking system to conceal its illicit origin, using the funds to pay off internal debts and transfer money abroad through fictitious consulting and purchase contracts.
From 2012 to 2022, through fictitious contracts, Truong My Lan’s group transferred a colossal amount of money, estimated at $4.5 billion (equivalent to more than VND 106,000 billion), from Vietnam abroad and vice versa. These transactions included the receipt and transfer of billions of dollars, making this case one of the most significant fraud and money laundering schemes to date.
Over 35,000 investors affected
In relation to the issuance of “fake” bonds that defrauded VND 30,000 billion, more than 35,000 investors have been affected. However, there is currently no official conclusion regarding compensation from Truong My Lan and her accomplices. Investors’ rights will depend on the court’s decision regarding asset recovery and allocation.
Defendant Truong My Lan at the first phase of the trial. Photo: HOANG TRIEU |
Truong My Lan’s assets, including real estate, cash, and shares, have been seized to compensate for investors’ losses. The retrieval of assets from abroad is also in progress. During the investigation and trial, the authorities recovered more than VND 408 billion, including more than VND 224 billion during the investigation phase and over VND 183 billion during the prosecution phase. The investigating agency froze 79 bank accounts of the defendants, totaling more than VND 92 billion and $5,700, along with 205 payment and securities accounts worth over VND 824 billion and $261,000.
In addition to account freezes, numerous assets of Truong My Lan and her accomplices at 9 companies were also seized, including shares in large companies such as FWD Vietnam Insurance Company and TVSI Securities Company. The investigating agency also seized real estate properties of Truong My Lan and her accomplices in Ho Chi Minh City, Hanoi, Dong Nai, and Da Nang.
Among the seized assets of Truong My Lan are a plot of land at 181 Ben Chuong Duong (now 268 Vo Van Kiet, District 1, Ho Chi Minh City); the CN1 lot in Noi Bai Industrial Park (Soc Son District, Hanoi); 76 land-use rights in Phu Huu Ward, Nhon Trach District, Dong Nai Province; and 6 land-use rights in Phuoc Kien Ward, Nha Be District, Ho Chi Minh City.
Moreover, for the five fugitives, including Dinh Van Thanh and Nguyen Thi Thu Suong, preventive measures have also been applied to their accounts and real estate properties to ensure asset recovery during the investigation and trial.
Apart from domestic asset recovery, the authorities are also tracing and retrieving funds that were transferred abroad through illegal transactions. These asset seizures, account freezes, and transaction prevention measures are crucial steps to ensure asset recovery during the investigation and trial, as well as to prevent the dissipation of assets and guarantee compensation for harmed investors.
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Tracing $147 million Amaland Company in Singapore owns all the shares of Sing-Viet Company, the investor of Sing-Viet Urban Area. In May 2020, Amaland sold its shares to SVIC for $170 million, of which SVIC had paid $116.5 million. However, Amaland refused to transfer the shares and requested to cancel the contract, leading to lawsuits in both Singapore and Vietnam. In the first phase of the Van Thinh Phat case, the court determined that in 2022, Truong My Lan used $147 million to purchase Amaland’s shares (not yet registered under her name), but the source of this money remains unclear. The verification and recovery of the funds used by Ms. Lan to purchase the shares are being investigated and resolved in the second phase of the case to ensure compensation for damages. |
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The trial is expected to last for one month, concluding on October 19, 2024. The courtroom and functional rooms will be fully equipped with the necessary facilities. Information about the trial is publicly disclosed while maintaining the confidentiality of related documents and evidence… |
Y LINH
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