The Van Thinh Phat Trial Phase 2: The Investigation’s Focus Takes Center Stage

Defendants’ Testimonies Implicate Nguyen Phuong Hong

During the trial, many defendants consistently mentioned the directive role of Nguyen Phuong Hong (former deputy general director of SCB, assistant of Van Thinh Phat Group, deceased), despite the authorities having dropped the investigation against her.

Thai Thi Thanh Thao, former wholesale customer service director at SCB’s Saigon branch, was accused of creating bonds by receiving Excel files containing information about deposit/withdrawal/transfer transactions between individuals and companies belonging to the VTP Group.

Thao also participated in deposit/transfer/withdrawal orders in the fictitious money flow, thereby aiding Truong My Lan and her accomplices in appropriating more than VND 27,000 billion.

Thao confessed that she received direct instructions from Phuong Hong. Following her directives, Thao was not allowed to ask questions or share information externally. She claimed that she did not receive any benefits beyond her monthly salary.

Tran Thi Thuy Ai, former bank teller and vault controller at SCB’s Saigon branch, testified that Hong instructed her to receive and process a group of priority customers, who were served separately and outside working hours when they came to deposit money at SCB.

Some customers came to deposit cash but did not have the money with them. When Ai questioned this, Hong only replied that her “task was to follow directives.” Ai said that due to her difficult personal circumstances, she dared not quit her job at SCB, so she obediently followed Hong’s instructions.

Ai admitted to signing 191 deposit receipts and 238 withdrawal receipts related to An Dong Company’s fictitious money flow, along with 24 deposit receipts and 28 withdrawal receipts of Sunny World Company. She stated that she acted under the directives of Hong and Thanh Thao, aiding Truong My Lan in appropriating more than VND 26,000 billion from 30,744 victims.

Tran My Dung, former deputy general director in charge of credit and debt handling at SCB, also acknowledged the charges in the indictment. She confessed to receiving instructions from Truong Khanh Hoang, former general director of SCB, and obtaining the fictitious money flow plan. Subsequently, she directed Bui Anh Dung (former director of SCB’s Ben Thanh branch) to legitimize the documents and execute the fictitious money flow, recording it in SCB’s system. This aided Setra Company in issuing bonds following Truong My Lan’s directives, assisting Truong My Lan and her accomplices in appropriating VND 2,000 billion from 2,431 victims.

When asked by the presiding judge if she knew who directed Truong Khanh Hoang, Dung answered that Truong My Lan and Nguyen Phuong Hong were the ones giving him instructions.

Many Family Members Fell Into the “Bond Trap”

Defendant Truong Khanh Hoang confirmed that the indictment accurately described his actions. He also shared his deep regret for his deeds and expressed remorse. Among the victims were Hoang’s family members, which further added to his grief and sense of responsibility. Specifically, his mother and aunt had also purchased the fictitious bonds.

Bui Anh Dung testified that he only became aware of his involvement in the fictitious bonds when working with the investigating authorities. He admitted to carrying out instructions from his superiors, creating favorable conditions for a group of priority customers (VIP customers related to Van Thinh Phat Group) to perform transactions. He directed the bank staff to record the documents in the system and execute deposit, transfer, and withdrawal orders for fictitious money to support Setra Company in issuing bonds according to Truong My Lan’s directives. These actions aided Truong My Lan and her accomplices in appropriating VND 2,000 billion from 2,431 victims.

At that time, Dung thought that the bond issuance was legitimate, which led to his mother, wife, and siblings also investing in the bonds.

Truong My Lan’s Sister-in-Law Speaks Out

Before the court, defendant Ngo Thanh Nha, former general director of Van Thinh Phat Group and chairman of An Dong Company, stated that defendant Truong My Lan was her sister-in-law. Nha mentioned that she lacked professional knowledge or expertise in bonds and merely followed Lan’s instructions.

After receiving directions from Truong My Lan, she chose An Dong Company for bond issuance and assigned Buu Phuong to take charge of the main tasks. As the manager of An Dong Company, Nha affirmed that she had no discussions or choices regarding Lan’s decisions. She only knew that Lan had selected An Dong Company for bond issuance and completely trusted her sister-in-law’s judgment, despite her own lack of relevant expertise.

Nha also emphasized that she did not manage the operations of An Dong Company and only held the position in name. Her primary role was to oversee logistics, Tet bonuses, and charitable activities for Van Thinh Phat Investment Group. She was not involved in An Dong Company’s business activities.

When presented with documents by the secretary, Nha would sign them without knowing the details, simply following Lan’s instructions. She did not direct the company’s actual operations and only held the title. Nha expressed her shock and ignorance about the bond issuance causing significant losses to many people.

Nha expressed her desire to do her best to compensate the affected individuals for the losses incurred due to this incident.