82% of stake in FWD Vietnam Assurance in hands of convicted tycoon's associates

The Ministry of Public Security's investigative agency (C03) has frozen 82% of the capital contribution worth VND492 billion ($19.35 million) belonging to entities and individuals related to convicted tycoon Truong My Lan, chairwoman of property developer Van Thinh Phat Group, at FWD Vietnam Assurance Company Limited.

The stake, owned by a group of 11 investors represented by Tan Viet Securities JSC (TVSI), is one of the assets owned by Lan and related persons that has been frozen in the second phase of the case at Van Thinh Phat Group, Saigon Commercial Bank (SCB), and related units and organizations.

C03 said that 82% of the capital contribution in the insurer was frozen on May 28, 2024. The remaining 18% was held by Ho Quoc Minh and Nguyen Tien Thanh. Minh has left the country, while Thanh died.

Minh was involved in a transaction between Sunny Island, a subsidiary of Van Thinh Phat Group, and real estate developer Quoc Cuong Gia Lai Corporation.

In the first phase of the case, the court ordered Quoc Cuong Gia Lai, with Nguyen Thi Nhu Loan as chairwoman, to refund VND2,882 billion ($115.1 million) it received from Lan to regain land use rights certificates previously held by Sunny Island.

Furthermore, Minh was also involved in a transaction between Lan and tycoon Nguyen Cao Tri and those between the Van Thinh Phat chairwoman and companies under the Tuan Chau ecosystem of "island lord" Dao Hong Tuyen.

FWD Vietnam Assurance, formerly known as Vietcombank - Cardif Life Insurance Company Limited (VCLI), was established under a Ministry of Finance license dated October 23, 2008.

In 2020, Vietcombank sold it to FWD Group under Pacific Century Group – an Asia-based private investment group. FWD operates throughout Asia with more than 10 million customers in 10 markets, including some of the fastest growing insurance markets in the world.

Besides FWD Vietnam Assurance, FWD Group has another member, FWD Vietnam Life Insurance Company Ltd. (FWD Vietnam), established in 2016.

On March 14, 2022, FWD Vietnam Assurance converted its entire stake to a group of 11 investors, represented by Tan Viet Securities.

According to the company's website, the deal had received in-principle approval from the Ministry of Finance. The company is currently applying for the ministry’s permission to record the new owner and change the name of the owner from FWD Life Insurance Company (Bermuda) Limited to the new one.

In an announcement, Ho Chi Minh City-headquartered FWD Vietnam Life Insurance Company Limited has said it “operates with total independence” of Hanoi-based FWD Assurance.