“The exceptional mechanism for recovering assets in the Van Thinh Phat case requires a high level of coordination among agencies to facilitate swift enforcement”, said Mr. Nguyen Van Hoa, Director of the Civil Enforcement Department of Ho Chi Minh City, at the mid-year review conference of the General Department of Civil Enforcement (Ministry of Justice) on the morning of April 10th.
Assets subject to recovery in the Van Thinh Phat case include approximately 1,600 real estates, 23 stock codes, and shares of “exceptionally high value”. The majority of these real estates are located in Ho Chi Minh City. The Civil Enforcement Department of Ho Chi Minh City has received relevant case files and is working with the Department of Investigation Police for Crimes of Corruption, Economic Crimes, and Smuggling (C03) of the Ministry of Public Security to verify documents.
In addition to assets, Mr. Hoa stated that the amount of money to be recovered in the case is 465.5 billion VND, with 80% located in Ho Chi Minh City. The number of victims was initially low, but in the second phase of the case, it reached 36,000 and could potentially increase further. Therefore, the Central Inspection Committee and relevant judicial agencies have authorized the participation of the civil enforcement agency in the case from the outset, including the transfer of seized objects, land use right certificates seized by the investigation agencies, and shares and stocks. The civil enforcement agency and judicial agencies have cross-referenced the seizure orders with the actual situation, creating favorable conditions for sentencing and enforcement.
In the second phase of the Van Thinh Phat case, Ms. Truong My Lan and her accomplices were accused of Fraudulent Appropriation of Property related to the illegal issuance of bonds from 2018 to 2020, embezzling approximately 30,000 billion VND from over 30,000 individuals. Ms. Lan and several other defendants are also being investigated for Money Laundering.
Mr. Nguyen Van Hoa, Director of the Civil Enforcement Department of Ho Chi Minh City. Photo: Viet Tuan |
The legal status of the assets and potential scenarios during enforcement were also considered. “We have had discussions with the investigation agency to fully understand the nature of the cash flow and assets to ensure maximum, swift, and legally compliant recovery, while avoiding any potential hotspots,” said Mr. Hoa.
Highlighting the initial challenges in recovering assets in the Van Thinh Phat case due to overlapping regulations, Mr. Hoa proposed that agencies promptly amend enforcement legislation to align with practical requirements and enhance efficiency. He also suggested that the Ministry of Justice increase personnel and staffing for Ho Chi Minh City to facilitate enforcement in the Van Thinh Phat case, as the Civil Enforcement Department is currently experiencing “significant pressure”.
On April 11th, the Ho Chi Minh City People’s Court will issue the first-instance verdict for Ms. Truong My Lan (68 years old, Chairwoman of the Van Thinh Phat Group) and 85 others involved in wrongdoings at Saigon Commercial Joint Stock Bank (SCB). Director Hoa stated that once the verdict takes effect, his unit will endeavor to initiate asset recovery immediately, although this process “may be protracted”.
Deputy Minister of Justice Mai Luong Khoi acknowledged the increasing challenges in civil enforcement due to the growing number of cases, assets, and amounts of money to be recovered in various localities. He anticipates that future major cases will involve even larger sums of money and assets, exceeding the current capacity of civil enforcement agencies. Therefore, Mr. Khoi urged enforcement agencies to optimize their staffing to meet current operational demands.
Since the beginning of this year, civil enforcement agencies nationwide have recovered 234,793 billion VND out of a total of 411,117 billion VND. Corruption and economic cases involve 92,376 billion VND to be recovered, of which 53,672 billion VND is conditionally recoverable. Enforcement agencies have successfully recovered 10,135 billion VND.
Viet Tuan
