On the morning of September 23, the first-instance trial of the ‘mega-case’ Van Thinh Phat, phase 2, continued with the cross-examination of the defendants. On the third day of the trial, the court focused on questioning the defendants charged with “fraudulent appropriation of property.” In addition to Ms. Truong My Lan (Chairman of Van Thinh Phat Group), there were 28 other defendants related to the case on this charge.
Ms. Truong My Lan at the trial on the morning of September 23. Photo: Duy Anh. |
Mr. Trinh Quang Cong, the first defendant to be questioned, admitted to the crimes as charged in the indictment. The defendant also affirmed that he maintained his testimony given during the investigation.
Defendant Cong admitted that at the time of committing the offense, he trusted the effectiveness and followed the instructions of Ms. Truong My Lan and Mr. Tran Khanh Hoang (CEO of SCB Bank).
Defendant Cong acknowledged that he now realizes his wrongdoing and the severe consequences it has caused. Aware of his fault and the harm inflicted on the bondholders, the defendant has mobilized his family to temporarily pay 1 billion VND as compensation.
The defendants at the trial on September 23. Photo: Tan Chau |
Mr. Tran Van Tuan, former CEO of Setra Company, requested to restate that the documents were prepared by the Van Thinh Phat Group’s office and not by him, as mentioned in the indictment.
Regarding the bond issuance, Defendant Tran Van Tuan testified that he received direct instructions from Ms. Truong My Lan or through her secretary. Initially, Defendant Tuan received a phone call from Defendant Trinh Quang Cong, informing him to prepare the necessary documents as the group had decided to include Setra Company in the bond issuance plan.
“As the company’s CEO, after the accountant checked the documents, I signed them. As far as I know, the bond issuance was not initiated by the company, and I was only informed that it was for capital contribution,” said the former CEO of Setra Company.
Regarding Setra Company’s performance in 2019, Defendant Tran Van Tuan stated that the company was operating at a loss at that time. He did not instruct the issuance of bonds but informed the accountant that the company would cooperate to support the bond issuance process.
In response to the court’s questions, Defendant Tran Thi Lan Chi (Chief Accountant of Setra Company) stated that the bond issuance documents came from the Van Thinh Phat Group’s office. Her involvement in the bond issuance was initiated by a phone call from Defendant Trinh Quang Cong. Mr. Cong requested her to prepare the necessary documents and adjust the company’s financial statements to show profits instead of losses to meet the bond issuance requirements.
The defendants at the trial on September 23. Photo: Tan Chau |
Regarding the group of defendants charged with “fraudulent appropriation of property,” the indictment by the Prosecutor’s Office determined: Ms. Truong My Lan, in her capacity as Chairman of the Board of Directors of Van Thinh Phat Group, dominated, directed, decided, and controlled all activities of the group and its affiliated entities. Ms. Lan initiated and directed the issuance of corporate bonds, deciding to use four companies within the group, namely An Dong, Sunny World, Quang Thuan, and Setra, to issue 25 ‘fake’ bond codes, totaling 308,691,388 bonds. As a result, they appropriated 30,000 billion VND from 35,824 victims.
The wrongdoing of Defendant Trinh Quang Cong was evident: He received instructions from Defendant Truong Khanh Hoang and tasked Pham Nguyen Bao Trung (an employee of Acumen Company) with collecting legal documents and financial statements of Setra Company to provide to TVSI Securities Company. Defendant Cong also instructed Defendant Tran Van Tuan (CEO of Setra Company) to coordinate the signing of procedures and vouchers to channel money for Dien Gia Cat Company (belonging to Van Thinh Phat Group) to buy primary bonds from Setra Company. He further instructed on preparing documents for Setra Company, providing legal documents, and ensuring that the 2019 financial statements were audited with a fully accepted opinion and showed profitability (while, in reality, Setra Company was operating at a loss in 2019) to facilitate the bond issuance as per Ms. Truong My Lan’s directive. Defendant Cong aided Ms. Lan and her accomplices in appropriating 2,000 billion VND from 2,431 victims.
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The defendants at the trial on September 23. Photo: Tan Chau |
As for Defendant Tran Van Tuan, after being informed of the group’s plan by Defendant Trinh Quang Cong (who selected Setra Company for bond issuance), Mr. Tran Van Tuan instructed Tran Thi Lan Chi to prepare the company’s financial statements and coordinate with A&C Audit Company to adjust the 2019 financial statements to transform Setra Company from an unprofitable to a profitable entity.
Additionally, Defendant Tuan directly signed off on the necessary documents and procedures for Setra Company’s bond issuance, as per Ms. Truong My Lan’s directive. He aided Ms. Lan and her accomplices in appropriating 2,000 billion VND from 2,431 victims.
Defendant Tran Thi Lan Chi was instructed by Defendants Trinh Quang Cong and Tran Van Tuan to prepare Setra Company’s financial statements. She received and presented Defendant Tran Van Tuan with documents to sign, including meeting minutes, board resolutions, contracts with TCBS and TVSI Securities Companies, information disclosure procedures, and contracts with related partner companies. Defendant Chi directly established and signed 11 vouchers for Setra Company to transfer 2,000 billion VND to VIPD Company’s account.
Furthermore, Defendant Chi presented Defendant Tran Van Tuan with contracts for the transfer of shares of Khang Thanh Phu Company to hired individuals. She adjusted Setra Company’s 2019 financial statements from loss-making to profitable and emailed Pham Hoa Dang (A&C Audit Company) to agree on the plan for the audit company to issue a fully accepted opinion. These actions facilitated the bond issuance by Setra Company in 2020, following Ms. Truong My Lan’s directive.
Ms. Tran Thi Lan Chi was complicit in aiding Defendants Trinh Quang Cong and Tran Van Tuan, who acted in collusion with Ms. Truong My Lan, in appropriating 2,000 billion VND from 2,431 victims through the bond issuance by Setra Company.
By 10:50 a.m. on the same day, the court had finished questioning 26 out of 29 defendants charged with “fraudulent appropriation of property.” Ms. Truong My Lan and the remaining defendants will be cross-examined during the next court session.
Tan Chau
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“Authorities are on the lookout for individuals who were in contact with the suspect, Duyen, via Facebook and made transactions to any of the 11 bank accounts. The suspect employed 11 accounts to transfer funds, attempting to evade detection. Any information regarding this matter will aid the investigation and bring clarity to the situation.”
