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$27 bln fraud case shows issues, but no new risks to Vietnam's banking system: Fitch

A massive fraud case involving a missing $27 billion related to Saigon Commercial Bank (SCB) with links to real estate tycoon Truong My Lan has exposed financial supervisory shortcomings in Vietnam, Fitch Ratings said in a note earlier this week.

Banking - Thu, May 9, 2024 | 10:27 pm

Vietnam central bank pumps cash to save troubled lender SCB

Vietnam’s central bank has pumped in money to support Saigon Commercial Bank (SCB), which experienced a run triggered by the arrest of real estate tycoon Truong My Lan in October 2022.

Banking - Sat, April 20, 2024 | 5:15 pm

Businesses forced to return $399 mln to freshly convicted Vietnamese tycoon Truong My Lan

Quoc Cuong Gia Lai Corporation and other businesses have been ordered to return VND10 trillion ($399.4 million) and over 1,000 taels of gold to the disgraced tycoon Truong My Lan and get back projects they had sold to her and Van Thinh Phat Group's member companies.

Economy - Sat, April 13, 2024 | 10:55 am

Former State Bank of Vietnam inspection chief receives life sentence in Van Thinh Phat scandal

Do Thi Nhan, former head of the State Bank of Vietnam's inspection and supervision department, was sentenced to life imprisonment on Thursday for receiving bribes related to the Van Thinh Phat scandal.

Society - Thu, April 11, 2024 | 10:34 pm

Vietnamese tycoon Truong My Lan sentenced to death with $27 bln compensation pending

Ho Chi Minh City People's Court on Thursday sentenced Truong My Lan, chairwoman of Van Thinh Phat Group, to death in one of the most notorious criminal cases in Vietnam.

Society - Thu, April 11, 2024 | 4:13 pm

Foreign banks oppose Van Thinh Phat chairwoman’s proposal to sell Capital Place building in Hanoi

HSBC and OCBC Bank Singapore have opposed a proposal by Truong My Lan, chairwoman of real estate developer Van Thinh Phat, to sell the Capital Place building in Hanoi to remedy the consequences she had caused in a scam.

Society - Sat, March 30, 2024 | 3:27 pm

Trial of Van Thinh Phat chairwoman, accomplices to last nearly 2 months

The chairwoman of real estate developer Van Thinh Phat and her husband will be put on a first instance trial by the Ho Chi Minh City People's Court from March 5 to April 29 for causing losses of VND484 trillion ($19.73 billion) to private lender Saigon Commercial Bank (SCB).

Society - Sat, February 17, 2024 | 9:34 am

HCMC court installs cameras to protect 6 tons of Van Thinh Phat Group scam documents

The Ho Chi Minh City People's Court has installed security cameras and a firefighting system to protect six tons of documents to be used as evidence in the upcoming trial of Truong My Lan, chairwoman of real estate developer Van Thinh Phat, and her accomplices.

Society - Wed, January 10, 2024 | 7:49 pm

Vietnam holds its own in challenging 2023 with more highs than lows

Vietnam showcased impressive resilience in the face of numerous challenges faced in 2023, recording several economic and diplomatic highs and some lows. The Investor looks back.

A year in review and 2024 forecasts - Tue, January 2, 2024 | 6:23 pm

Van Thinh Phat chairwoman accused of 'money laundering'

Real estate developer Van Thinh Phat chairwoman Truong My Lan has been accused of “money laundering” after using over VND304 trillion ($12.53 billion) she had appropriated from Saigon Commercial Bank (SCB) to buy properties and make money transfers abroad, according to the Ministry of Public Security.

Society - Thu, December 28, 2023 | 11:51 am