More real estate related to convicted property tycoon Truong My Lan frozen

By Vu Pham, Minh Hue
Sat, June 8, 2024 | 10:08 am GMT+7

The Ministry of Public Security's investigative agency (C03) has frozen nine properties in Ho Chi Minh City, Hanoi and Danang related to convicted tycoon Truong My Lan and other defendants and individuals involved in the second phase of the Van Thinh Phat Group case.

IFC One Saigon was acquired by Viva Land, a member of Van Thinh Phat Group, in late 2021. Photo by The Investor/Vu Pham.

IFC One Saigon was acquired by Viva Land, a member of Van Thinh Phat Group, in late 2021. Photo by The Investor/Vu Pham.

C03 has recommended Lan, former chairwoman of property developer Van Thinh Phat, be charged with fraudulent appropriation of assets, money laundering, and illegal cross-border currency trafficking.

She allegedly laundered VND445 trillion ($17.5 billion) and illegally transferred $4.5 billion overseas from 2021-2022. Besides Lan, 33 others may be prosecuted on the same charges.

The first phase of the investigation resulted in Lan being tried in Ho Chi Minh City and sentenced to death for causing losses of VND677 trillion ($26.6 billion) at Saigon Commercial Bank (SCB). She has appealed the sentence.

In the latest phase, C03 has frozen a number of assets related to Truong My Lan and her accomplices.

The agency has also seized more than VND224 billion ($8.82 million) in cash, and ordered 79 bank accounts belonging to the defendants be frozen, with a total of more than VND92 trillion ($3.62 billion) and $1,653.

The agency has also blocked transactions from 205 payment accounts, savings books, and securities accounts containing more than VND824 billion ($32.43 million) and $261,914.

In addition, police have blocked transactions of shares and capital contributions related to Truong My Lan and other defendants and individuals involved, with a total converted value of over VND12.3 trillion ($484 million).

Proposed remedies

According to C03, on May 22, 2024, Van Thinh Phat proposed a plan to initially fix the consequences of bond packages issued by related companies, with a total value of more than VND1.02 trillion ($40.14 million).

Specifically, Van Thinh Phat and 13 related companies committed to voluntarily paying over VND519 billion ($20.43 million) to fix the consequences, plus the entire amount of more than VND291 billion ($11.45 million) in their blocked accounts.

For Bong Sen Joint Stock Company and Thien Phuc International Hotel Company Limited, which have outstanding bonds with collateral, Van Thinh Phat plans to sell that collateral to repay the bond debt.

At the same time, the group has committed to using more than VND69 billion ($2.73 million) from Bong Sen and nearly VND134 billion from Thien Phuc International Hotel to compensate bondholders.

On May 27, 2024, Van Thinh Phat’s subsidiaries completed the transfer of VND221 billion ($8.7 million) to C03’s account at the State Treasury’s Cau Giay district branch.

Comments (0)
  • Read More
Philippines expected to import record rice volume

Philippines expected to import record rice volume

Despite record production and ample stocks, the Philippines is expected to import a record volume of rice in the 2024-2025 crop year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

Southeast Asia - Wed, December 11, 2024 | 4:23 pm GMT+7

Vietnam's auto sales up 17% to 308,544 in Jan-Nov

Vietnam's auto sales up 17% to 308,544 in Jan-Nov

Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 308,544 units in the first 11 months of 2024, up 17% year-on-year.

Companies - Wed, December 11, 2024 | 3:46 pm GMT+7

Indonesia's economic growth projected below 5.2%

Indonesia's economic growth projected below 5.2%

Indonesia’s Finance Minister Sri Mulyani Indrawati has forecast a growth rate of 5.01% for the country’s economy in the fourth quarter of 2024.

Southeast Asia - Wed, December 11, 2024 | 3:37 pm GMT+7

Bamboo Capital, Foxlink, Micro Electricity partner to establish comprehensive renewable energy ecosystem in ASEAN

Bamboo Capital, Foxlink, Micro Electricity partner to establish comprehensive renewable energy ecosystem in ASEAN

Vietnam's Bamboo Capital Group and Taiwanese firms Foxlink and Micro Electricity on Monday signed a strategic cooperation agreement to advance renewable energy technologies and solutions.

Bamboo Capital - Wed, December 11, 2024 | 3:35 pm GMT+7

Vietnamese lender OceanBank's name changed, leadership reshuffled

Vietnamese lender OceanBank's name changed, leadership reshuffled

OceanBank will have its name changed to Modern Vietnam Commercial Joint Stock Bank (MBV) from December 18, aiming to become "a sustainable, safe and modern bank".

Banking - Wed, December 11, 2024 | 2:43 pm GMT+7

Private equity to enhance Vietnam stock market quality: VinaCapital exec

Private equity to enhance Vietnam stock market quality: VinaCapital exec

Private equity plays a crucial role in boosting the quality of Vietnam's stock market, especially after its anticipated status upgrade, says Nguyen Thi Dieu Phuong, deputy CEO of fund manager VinaCapital.

Economy - Wed, December 11, 2024 | 12:10 pm GMT+7

Japan valve producer Kitz launches $25 mln factory in Vietnam

Japan valve producer Kitz launches $25 mln factory in Vietnam

Japan’s valve producer Kitz on Tuesday inaugurated a $25 million factory in the northern province of Vinh Phuc, its first plant in Vietnam.

Industries - Wed, December 11, 2024 | 11:39 am GMT+7

Propery sales in HCMC double in Nov on slight supply hike

Propery sales in HCMC double in Nov on slight supply hike

Primary property sales in Ho Chi Minh City, Vietnam’s southern metropolis, reached 2,022 units in November, double that of the same month last year, according to a report by DKRA Consulting.

Real Estate - Wed, December 11, 2024 | 11:28 am GMT+7

ADB raises Vietnam GDP growth prediction to 6.4% in 2024, 6.6% in 2025

ADB raises Vietnam GDP growth prediction to 6.4% in 2024, 6.6% in 2025

The Asian Development Bank (ADB) has revised up Vietnam’s GDP growth to 6.4% in 2024 and 6.6% in 2025, according to the December edition of its Asian Development Outlook (ADO).

Economy - Wed, December 11, 2024 | 9:37 am GMT+7

Vietnam increasingly important to US semiconductor industry: exec

Vietnam increasingly important to US semiconductor industry: exec

Vietnam is becoming increasingly important to the U.S. semiconductor industry and plays a crucial role in the strategy of the U.S. Semiconductor Industry Association's (SIA) member companies, says the association’s chairman John Neuffer.

Economy - Wed, December 11, 2024 | 8:51 am GMT+7

Vietnam an extremely attractive investment destination: KKR

Vietnam an extremely attractive investment destination: KKR

David Petraeus, a partner at leading global investment firm KKR, says political stability, rapidly improving infrastructure, and friendly relations with other countries make Vietnam an extremely attractive investment destination.

Economy - Wed, December 11, 2024 | 8:20 am GMT+7

Thai soup 'Tom yum kung' becomes new UNESCO intangible cultural heritage

Thai soup 'Tom yum kung' becomes new UNESCO intangible cultural heritage

"Tom yum kung", the iconic spicy and sour Thai prawn soup, has officially been inscribed on the UNESCO representative list of the Intangible Cultural Heritage of Humanity.

Southeast Asia - Tue, December 10, 2024 | 6:48 pm GMT+7

Thailand steps up crackdown on cheap imports

Thailand steps up crackdown on cheap imports

Thailand has recorded a decrease of 20% in low-quality imports, mainly from China, since restrictions on cheap imports that hurt business in Southeast Asia's second-largest economy were imposed, government spokesperson Sasikarn Wattanachan said on Monday.

Southeast Asia - Tue, December 10, 2024 | 6:46 pm GMT+7

Indonesia’s national rice stock at 8 mln tons by year-end

Indonesia’s national rice stock at 8 mln tons by year-end

Indonesia's Coordinating Minister for Food Zulkifli Hasan said on Monday that the national rice stock has reached eight million tons by the end of 2024, so there will be no need for additional imports, including for next year.

Southeast Asia - Tue, December 10, 2024 | 6:43 pm GMT+7

Indonesia boosts trade cooperation with EU

Indonesia boosts trade cooperation with EU

Indonesia's Ministry of Investment and Downstreaming plans to establish an European Union (EU) desk to enhance trade cooperation with the bloc, said Minister Rosan Roeslani, who is also head of the Investment Coordinating Board (BKPM).

Southeast Asia - Tue, December 10, 2024 | 6:38 pm GMT+7

Energy China seeks offshore wind power cooperation with Vietnam Electricity

Energy China seeks offshore wind power cooperation with Vietnam Electricity

China Energy Engineering Corporation Limited (Energy China), a major solution provider for the power industry in China, seeks to collaborate with state utility Vietnam Electricity (EVN) in offshore wind power.

Energy - Tue, December 10, 2024 | 4:57 pm GMT+7