Thirty-four proposed to be prosecuted in 2nd phase of Van Thinh Phat case
The Investigation Police Department for Corruption, Smuggling and Economic Crimes (C03) under the Ministry of Public Security has recommended prosecuting convicted property tycoon Truong My Lan and 33 others for fraudulent appropriation of assets, money laundering and illegal cross-border currency trafficking, the ministry released on June 5.
These charges were proposed after the agency finished the second phase of an investigation into Lan, chairwoman of Van Thinh Phat, and her accomplices for wrongdoings at her group and Saigon Commercial Bank (SCB).
The first phase resulted in Lan being tried in Ho Chi Minh City and getting the death penalty for causing losses of VND677 trillion (US$26.6 billion) to SCB. She has appealed the sentence.
Previously, the C03 said that in the second phase of the case, the ministry would focus on investigating two main crimes: "fraudulent appropriation of property" related to bonds and “money laundering" related to Van Thinh Phat Group.
Regarding money laundering, the amount of money Lan withdrew through banking activities was used to make investments and buy real estate nationwide, and transferred overseas by this woman.
Regarding fraudulent bond issuance, the agency initially determined that Lan, via four businesses, issued 25 bond packages with a total value of more than VND30 trillion to raise money and then appropriate it.
