Truong My Lan, chairman of real estate developer Van Tinh Phat Holdings, indicted on charges of embezzlement worth 16 trillion won./VN Express capture, Vietnam Ministry of Public Security
Vietnamese authorities conducted an all-out investigation into a financial fraud case worth 16 trillion won and indicted a total of 86 people, including the instigator and public officials.
According to local media such as VN Express on the 17th (local time), Vietnamese prosecutors indicted Truong My Lan, chairman of real estate developer Van Tinh Phat Holdings, on charges of embezzlement and bribery.
According to the authorities, Chairman Lan conspired with his associates to embezzle 304 trillion dong (about 16.3 trillion won) from Saigon Commercial Bank (SCB), an affiliated bank. The embezzled amount is more than 3% of Vietnam’s GDP (gross domestic product).
Chairman Ran is in fact the largest shareholder, owning 91.5% of SCB’s shares, and it was found that he siphoned off money through false loan applications through his close associates.
Chairman Ran was arrested and interrogated by public security in October last year. As the news of the prosecution’s indictment spread, a photo of Chairman Lan released by Vietnamese public security at the time of his arrest came into the spotlight again online.
The images of Chairman Ran that were previously revealed showed him smiling brightly while decked out in luxurious jewelry and makeup. However, immediately after his arrest, Chairman Ran looked expressionless and shabby without any makeup.
Chairman Lan is a Chinese-Vietnamese businessman who founded Ban Thi Phat in 1992 and operated a hotel and restaurant. Afterwards, he expanded his business to include real estate.
According to Vietnam’s criminal code, criminals who steal more than 1 billion dong or cause property damage of more than 5 billion dong are sentenced to 20 years in prison, life imprisonment, or the death penalty. Local media reported that Chairman Lan could be sentenced to the death penalty under this law.
Prosecutors also indicted 85 people involved in this case, including former state-owned bank officials and audit officials. Among them, the amount of bribes received by public officials in exchange for turning a blind eye to the crimes committed by Ran and his group was found to be as much as $5.2 million (approximately KRW 6.7 billion).
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2023-12-18 03:04:00
