Van Thinh Phat chief accused of illegally transferring billions

According to a report from July 15, the Supreme People's Procuracy has indicted Lan and 33 others in connection with malfeasance at Van Thinh Phat Group, Saigon Commercial Bank (SCB), and other entities. Lan, along with three others, is charged with fraud, money laundering, and illegal currency transfer. The indictment claims they moved over $4.5 billion illegally out of Vietnam.

The report states that when Lan needed to send money abroad to pay off debts or receive loans, she enlisted Trinh Quang Cong, CEO of Acumen Management Group, Nguyen Phuong Anh, deputy CEO of SPG, and lawyer Chiu Bing Keung Kenneth to create fake contracts. These contracts were between Vietnamese companies and foreign entities controlled by Van Thinh Phat, covering transactions like share purchases, capital contributions, consultancy, and loans.

Under her direction, Van Thinh Phat executives and SCB employees carried out these money transfers. Many of these transactions lacked proper documentation, such as confirmation of foreign ownership of shares or consular legalisation of representatives. Despite these missing documents, SCB executives, including former CEO Vo Tan Hoang Van, former acting CEO Chen Yi Chung, former Deputy CEO Truong Khanh Hoang, and former chairman Bui Anh Dung, approved the transactions.

Investigations revealed that from 2012 to 2022, Van Thinh Phat used 23 companies - 12 in Vietnam and 11 abroad - to facilitate these transactions. Among these, 21 companies conducted 78 illegal outbound transfers totalling over $1.5 billion, and 21 companies executed 152 illegal inbound transactions totalling over $3 billion.

Lan and her team set up fake contracts for share transfers, capital contributions, loans, and consultancy services between Vietnamese and foreign companies. These contracts allowed the movement of funds despite incomplete and non-compliant documentation. Nevertheless, Chen Yi Chung, Vo Tan Hoang Van, and Bui Anh Dung approved the international money transfers.

Sacombank chairman clears the air on Van Thinh Phat allegations Sacombank's chairman Duong Cong Minh has firmly distanced himself and the bank from any involvement withTruong My Lan and the recent issues surrounding Van Thinh Phat.

Truong My Lan appeals against death sentence in bank fraud case Truong My Lan, Chairwoman of property developer Van Thinh Phat Group, on April 26 filed an appeal against the entire first-instance verdict in the case that occurred at Van Thinh Phat Group JSC, Saigon Commercial Bank (SCB) and relevant companies, units and organisations.