Van Thinh Phat chairwoman laundered money through property, transferred it overseas - VnExpress International

By Pham Du &nbspDecember 27, 2023 | 07:38 am PT

Major general Nguyen Van Thanh, deputy head of a unit specialized in financial and corruption crimes under the Ministry of Public Security, speaks at a meeting on Dec. 27, 2023. Photo by VnExpress/Pham Du

Van Thinh Phat chairwoman Truong My Lan laundered the money she illegitimately obtained from Saigon Commercial Bank by buying property projects and transferred it overseas.

These violations have been uncovered in the second phase of the investigation into Lan’s crimes, Major General Nguyen Van Thanh, deputy head of the unit under the Ministry of Public Security that investigates financial crimes and corruption, said.

Two new cases are being investigated and there are over 100 suspects, he said at a meeting Wednesday.
The police have found that Lan used the loans SCB gave her to buy large properties.

The investigation is ongoing and the outcome would be announced later, Thanh said.

Investigators have also discovered that Lan and her accomplices made 25 bond issuances worth VND30 trillion (US$1.23 billion) through her company, property developer Van Thinh Phat, but the police are having difficulty identifying the victims, he said.

He requested people who bought those bonds to come forward and report to authorities.

Earlier, on Dec. 15, prosecutors had charged Lan with bribery, violating bank regulations and embezzlement.
Eighty five others have also been charged with a total of six crimes.

They include 45 top and mid-level managers at SCB, 15 State Bank of Vietnam officials, three Government Inspectorate officials, and a State Audit official.

All face one of the following charges: embezzlement, receiving bribes, abusing authority while performing official duties, lack of responsibility causing serious consequences, and violating bank regulations.

Lan owned a 91.5% stake in SCB under various people’s names and obtained loans from it using a network of over 1,000 companies affiliated with Van Thinh Phat.

Between February 2018 and October 2022 she made 916 loan applications at the bank for VND545 trillion and appropriated VND304 trillion. The loans carry unpaid interest of VND130 trillion.

She caused losses of VND64.6 trillion to the bank.

She paid bribes to conceal the bank’s financial situation. She allegedly paid the head of the central bank’s department of inspection and supervision, Do Thi Nhan, $5.2 million in bribes.

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