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.
Do Thi Nhan, former head of the State Bank of Vietnam's inspection and supervision department, in court. Photo courtesy of Thanh Nien (Young People).
The Ho Chi Minh City People's Court also ordered Nhan to pay an additional fine of VND100 million ($4,000).
On the same day, the court sentenced Truong My Lan, chairwoman of Van Thinh Phat Group, to dealth, while her 85 accomplice received penalities ranging from suspended sentences to life imprisonment.
According to the jury, Nhan clearly knew Saigon Commercial Bank’s (SCB) situation but did not report it. Nhan met Lan through Vo Tan Hoang Van to discuss the violations. Lan asked Nhan to help SCB restructure. After the meeting, Nhan received $5.2 million via Van.
The jury said that Nhan instructed members of the inspection team to adjust the data and not put SCB under monitoring to receive a bribe of $5.2 million from Lan.
In court, Nhan declared that she had received $5.2 million to "protect her family". She claimed she had repeatedly contacted Van to return the money but failed to do so.
However, the jury assessed that Van had many opportunities to return the money. "Nhan even gave Van the password to her house so as the gift (money) could be left at her home."
Bui Anh Dung, former chairman of SCB, received a life sentence on charges of embezzlement of assets and violating regulations on banking and related activities. For the same crime, Vo Tan Hoang Van, former general director of SCB, received a life sentence.
Truong Hue Van, a nephew of Truong My Lan and general director of Windsor Real Estate Management Group, was sentenced to 17 years in prison for embezzlement of assets.
Chu Nap Kee Eric, husband of Truong My Lan, chairman of Times Square Investment Joint Stock Company, received a nine-year prison sentence for violating the regulations on lending by credit institutions or regulations on banking and related activities.
For the crime of abusing trust to appropriate property, Nguyen Cao Tri, chairman cum general director of Capella Company, received eight years behind bars.
Among the defendants that were wanted and tried in absentia, Dinh Van Thanh, former chairman of SCB, received a combined sentence of life imprisonment for embezzlement of assets and violating regulations on lending by credit institutions.
Chiem Minh Dung, former deputy general director of SCB, was sentenced to 17 years in prison for violating regulations on banking and related activities.
Tram Thich Ton, a board member of SCB, received 16 years behind bars for violating regulations on lending by credit institutions. For the same crime, Nguyen Thi Thu Suong, chairman of SCB, was sentenced to 17 years in prison.
- Related News
- Read More
Central Vietnam city seeks investors for $209 mln liquid/gas port project
The central city of Danang is calling for investment in a liquid/gas port project worth over VND5.43 trillion ($208.7 million), aimed at serving LNG and LPG storage and distribution.
Infrastructure - Sat, May 31, 2025 | 10:52 am GMT+7
Thai-backed food giant C.P. Vietnam rejects pork safety accusations
C.P. Vietnam, a subsidiary of Thailand’s food giant Charoen Pokphand Foods Public Company Limited (CPF), has dismissed social media allegations of selling diseased pork, calling them fabricated and false.
Companies - Sat, May 31, 2025 | 8:54 am GMT+7
Oman Investment Authority to expand investment fund in Vietnam
Prime Minister Pham Minh Chinh has proposed Oman to enlarge the Vietnam-Oman Investment Fund (VOI) to $1 billion to better cater for the Southeast Asian country's investment needs.
Economy - Fri, May 30, 2025 | 11:26 pm GMT+7
Japanese retailer Aeon to build 2-hectare mall in Vietnam’s Mekong Delta
Retail giant Aeon will develop a 2-hectare mall in the Mekong Delta province of Tien Giang, with an estimated investment of VND1.16 trillion ($44.6 million).
Industries - Fri, May 30, 2025 | 4:44 pm GMT+7
76% of Vietnamese survey respondents say trade uncertainty encourages them to explore new opportunities: HSBC
Vietnamese businesses have experienced exponentially higher cost increases than the global average and are expecting additional short-term costs due to trade uncertainty. But many survey respondents (76%) think trade uncertainty has encouraged their business to evolve and explore new opportunities, write HSBC analysts.
Consulting - Fri, May 30, 2025 | 2:41 pm GMT+7
Vietnamese firm lands first $1 mln order on Alibaba after 8-year struggle to export
After five months of operating a virtual storefront on Alibaba’s B2B e-commerce platform, Sukavina Co., Ltd., a Binh Duong province-based manufacturer of metal tables, chairs, and beds, secured its first international order, marking a significant milestone in the company’s eight-year journey to global markets.
Companies - Fri, May 30, 2025 | 2:37 pm GMT+7
AgriS partners with IFC: Optimizing environmental and social management system, accelerating net zero 2035 goal
TTC AgriS (Thanh Thanh Cong-Bien Hoa JSC or AgriS) and International Finance Corporation (IFC) - a member of the World Bank Group - has signed an MoU to strengthen sustainable development governance in alignment with global standards.
Companies - Fri, May 30, 2025 | 2:30 pm GMT+7
Vietnam's stock market attractively priced: Finnish fund PYN Elite
Vietnam’s stock market is attractively priced, with a price-to-sales (P/S) ratio of 1.3, said Petri Deryng, portfolio manager at Finnish investment fund PYN Elite.
Finance - Fri, May 30, 2025 | 2:09 pm GMT+7
S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman
SK Group, South Korea’s second-largest chaebol, is exploring several LNG-fueled power projects in Vietnam, including three proposed to be included in the country's green growth project portfolio, said chairman Tae-Won Chey.
Energy - Fri, May 30, 2025 | 1:37 pm GMT+7
Vietnam's Hoa Phat Group to become Southeast Asia’s first producer of steel rails for high-speed railways
Hoa Phat Group, a top steelmaker in Vietnam, on Thursday signed an agreement with Germany’s SMS Group under which the latter will provide the former technology and production lines for manufacturing steel rails and shaped steel, with an annual capacity of 700,000 tons.
Companies - Fri, May 30, 2025 | 11:48 am GMT+7
Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense
Viettel High Tech, the core military and civilian R&D arm of Vietnam’s military-run telecom giant Viettel, has signed a cooperation agreement with John Cockerill Defense, a leading weapon designer and manufacturer in France.
Companies - Thu, May 29, 2025 | 9:14 pm GMT+7
MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event
Vietnam's leading bank MB on Thursday introduced its latest digital technology solutions, notably the Biz MBBank digital financial platform, at the "Smart Digital Ecosystem in the New Era" event organized by the central bank.
Companies - Thu, May 29, 2025 | 8:02 pm GMT+7
Vietnam's auto distributor TMT to launch $3.8 mln charging station firm
Vietnamese auto distributor TMT Motors has announced the establishment of a charging station company with a charter capital of VND100 billion ($3.84 million).
Companies - Thu, May 29, 2025 | 4:45 pm GMT+7
US's Excelerate Energy affirms intention to turn Vietnam into LNG hub for ASEAN
Excelerate Energy wants to make Vietnam a center for LNG distribution to the ASEAN region, president and CEO Steven Kobos told Prime Minister Pham Minh Chinh at a meeting in Hanoi on Thursday.
Energy - Thu, May 29, 2025 | 4:33 pm GMT+7
Bourse shifts to heat up Vietnam's banking stocks
Several Vietnamese banks are planning to move their shares from the Unlisted Public Companies Market (UPCoM) to the Ho Chi Minh Stock Exchange (HoSE) this year, creating new momentum for banking stocks, long dubbed the “king” group.
Finance - Thu, May 29, 2025 | 2:48 pm GMT+7
Dairy giant TH Group proposes 5 projects in southern Vietnam
TH Group, one of Vietnam’s leading dairy producers, has proposed five major projects in the southern province of Binh Phuoc, in the fields of industrial production and urban area, golf course and high-tech agricultural production zone developments.
Industries - Thu, May 29, 2025 | 12:02 pm GMT+7
