On September 19, the People’s Court of Ho Chi Minh City opened a first-instance trial for a case that occurred at the Van Thinh Phat Group Joint Stock Company (Van Thinh Phat Group) in its second phase.
This trial continues to clarify the legal violations of Truong My Lan (former Chairman of the Board of Van Thinh Phat Group) and her 33 accomplices.
Defendant Truong My Lan
According to the indictment of the Supreme People’s Procuracy, the defendants were charged with “fraudulent appropriation of property”, “money laundering”, and “illegal cross-border currency transportation”
At the opening of the trial, the panel examined the background of Truong My Lan. Lan was accused of all three aforementioned charges. The defendant remained calm and answered clearly and coherently to questions about her background.
Defendant Chu Lap Co
When asked about her background, Lan stated that in the previous first-instance trial (held from March 5 to April 11 at the Ho Chi Chi Minh City People’s Court), she was “accused” of three crimes: “Embezzlement of assets”, “Violation of regulations on banking activities”, and “Bribery”
Similarly to the previous trial, the defendant Chu Lap Co (charged with “money laundering”), Lan’s husband, continued to be assisted by an English interpreter to ensure he could understand and participate in the questioning process. Both Co and Truong Hue Van (charged with “fraudulent appropriation of property”), Lan’s granddaughter, remained calm and did not display strong emotions during the questioning.
Defendant Truong Hue Van
In contrast to Lan’s composure, some accomplices in the case could not maintain their calm. Notably, Thai Thi Thanh Thao (former director of Wholesale Customer Service at SCB Bank’s Saigon Branch, charged with “fraudulent appropriation of property”) and To Thi Anh Dao (former deputy general director of Van Thinh Phat Investment Group Joint Stock Company, charged with “illegal cross-border currency transportation”) broke down in tears during the interrogation.
The presiding judge repeatedly reminded the defendants to remain calm throughout the trial.
Tightened court security
According to the indictment, Thai Thi Thanh Thao instructed Tran Thi Thuy Ai (former bank fund controller and storekeeper at SCB Bank’s Saigon Branch) and other remote transaction officers to deposit/transfer/withdraw money in the non-existent bond issuance of An Dong and Sunny World companies, helping Truong My Lan and her accomplices defraud 30,744 victims of more than VND 26,500 billion.
To Thi Anh Dao was accused of managing Helios Company to receive money transferred from abroad to Vietnam and transferring money from Vietnam abroad through fake loan contracts between Helios Company and foreign companies. Following Truong My Lan’s instructions, To Thi Anh Dao executed fake procedures for Helios Company to receive $40 million from abroad and subsequently transfer the same amount out of the country.
Additionally, when the chief accountant of VIPD Company signed two mandates to transfer VND 445,133 billion from VIPD Company to Blue Pearl Company, which then converted it into $19.6 million and transferred it abroad to Leader Vission Company. The Supreme People’s Procuracy charged that To Thi Anh Dao’s actions aided Truong My Lan in illegally transferring more than $99 million abroad.
The trial is expected to last for one month to complete the questioning process and reach a conclusion regarding the responsibility of each individual involved.
According to the indictment of the Supreme People’s Procuracy, from 2018 to 2020, Truong My Lan directed the issuance of more than 308 million fake bonds through An Dong, Sunny World, Quang Thuan, and Setra companies, with a total value of over VND 30,000 billion. The funds raised from 35,824 investors were not used for their intended purposes but were diverted to other objectives, rendering these companies unable to repay the bond debts.
From 2018 to 2022, Lan and her accomplices embezzled more than VND 445,000 billion through various fraudulent schemes and illegal bond issuances. Lan also instructed the withdrawal and transfer of money from SCB Bank, using fake contracts to conceal the illicit funds, and transferred approximately $4.5 billion (over VND 106,000 billion) abroad.
The Van Thinh Phat Trial Phase 2: The Investigation’s Focus Takes Center Stage
Responding to the Court’s inquiries, the defendants repeatedly emphasized the directive role of Nguyen Phuong Hong (former SCB Vice President and Assistant to the Van Thinh Phat Group, now deceased), despite the authorities having dropped the investigation into this individual.
The Alluring Enigma of Bond Money Management: Who Holds the Purse Strings?
“The enigmatic financial dealings of Ho Buu Phuong, a key figure in the sale of bonds, have come to light. While the funds generated from these sales remain shrouded in mystery, speculation points towards the high-ranking and influential Truong My Lan as the potential mastermind behind it all.”
The Magic City’s Revised Timeline for the Submission of Land Price Tables for Appraisal
The Ho Chi Minh City government is taking the time to carefully consider public opinions and feedback before finalizing and announcing the adjusted land price list. While the initial plan was to release this information by September 15, the city administration is committed to a thorough process. This month, the Department of Natural Resources and Environment is expected to finalize and submit the supplementary content for evaluation, demonstrating a thoughtful and deliberate approach to this important matter.
The Hunt for Victims of Loan Sharks: A Tale of High-Interest Rates and Desperation in Ho Chi Minh City
The Binh Tan District Police (Ho Chi Minh City) are seeking victims of Dang Thanh Son’s group to come forward and cooperate with their investigation. Those with any relevant information are encouraged to step up and assist the authorities in their inquiries.
