Vietnam Property Developer Faces Trial Over $12.5 Bn Bond Fraud

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Truong My Lan will be tried at the Ho Chi Minh City People’s Court, accused with dozens of accomplices of embezzling $125 billion from a bank. According to the government website, the chairwoman of major property developer Van Thinh Phat will face charges for embezzlement, bribery, and violating banking regulations. My Lan is alleged to have set up fake loan applications to withdraw money from Saigon Commercial Bank, where she holds more than 90 percent of the bank’s shares.

“From February 9, 2018 to October 7, 2022, Truong My Lan gave orders to set up 916 fake loan applications, appropriating more than 304 trillion dong ($12.5 billion) from SCB,” it said.

Eighty-five others, including a former official at the State Bank of Vietnam who is accused of accepting $5.2 million in bribes, will also face trial at the Ho Chi Minh City Court. Amid the ongoing government crackdown on corrupt officials, objections against Truong Quy Thanh, the head of Tan Hiep Phat Group, have been put forward plus allegations of unlawfully accruing $345 million by means of a bond sale to more than 6,500 individuals. Do Anh Dung, chairman of the Tan Hoang Minh Group, will face prosecution for taking on $355 million illicitly too.

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