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).
Truong My Lan and her husband Chu Lap Co, along with 84 other defendants, are charged with "embezzlement", "giving bribes", "taking bribes", "violating banking regulations", "abusing positions and power while performing duties", "showing a lack of responsibility causing serious consequences", and "abusing trust for property appropriation".
The trial will be chaired by criminal court chief judge Pham Luong Toan. Up to 10 prosecutors from the Supreme People's Procuracy and the Ho Chi Minh City People's Procuracy have been assigned to hold the right to prosecute in court. Among the lawyers defending the 86 defendants, five have been designated for Truong My Lan.
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.
On December 13, 2023, the Supreme People’s Procuracy issued an indictment against the 86 defendants in the case, accusing Lan of giving bribes, violating banking regulations and embezzlement.
According to the indictment, Lan ran the Van Thinh Phat "empire" with more than 1,000 large and small businesses, both at home and abroad. In order to have capital to maintain the operation of this giant "ecosystem", she sought to acquire SCB, aiming to turn the bank into her financial "tool".
During 2012-2022, Lan did not hold a position at SCB but owned a controlling stake of 85 to 91.5%. The procuracy said Lan "manipulated the entire operations of SCB for various purposes".
She and her accomplices arranged for people they trusted to be given key leadership positions on SCB’s board of directors and executive board, and set up some units specializing in providing loans requested by the Van Thinh Phat chairwoman.
Lan also instructed her subordinates to hire 440 individuals and use 435 legal entities hidden as shell companies that did not engage in any business activities and were only used to register loans with SCB and make fake documents to withdraw money from the bank.
They colluded with price appraisal companies to falsely increase the value of collateral assets and prepared false loan documents to take money from SCB.
- Read More
World Bank’s IFC plans $200 mln loan to LG Innotek Vietnam
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, plans to make a sustainability-linked loan (SLL) of up to $200 million to LG Innotek Vietnam Haiphong Co., Ltd.
Industries - Tue, October 29, 2024 | 10:11 am GMT+7
Vietnam banks' earnings outlook ‘relatively positive’: PYN Elite Fund
The Q3/202 earnings growth of Vietnam’s listed companies will likely settle around 20-30% and banks’ earnings outlook for the next 12 months is also relatively positive, said the Finland-based PYN Elite Fund.
Finance - Tue, October 29, 2024 | 9:39 am GMT+7
Chinese e-commerce giant Temu's Vietnam entry: unfair competition or market economy norm?
Vietnam's social media is currently inundated with ads from Temu, the e-commerce platform under China’s PDD Holding, showcasing a diverse array of products – from electronic chips to refrigerator mats – at discounts of up to 90%, and raising concerns about its strategy and compliance.
Opinion - Tue, October 29, 2024 | 7:55 am GMT+7
China’s BYD to repair Apple tablets with $375 mln northern Vietnam project
Chinese giant BYD is set to repair Apple tablets at its factory in Vietnam’s northern province of Phu Tho.
Industries - Mon, October 28, 2024 | 10:27 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Mon, October 28, 2024 | 10:21 pm GMT+7
Malaysia to leverage 2025 ASEAN chairmanship to advance regional carbon initiatives
Malaysia’s ASEAN 2025 chairmanship provides the best opportunity to promote carbon trading and carbon credits among its member countries, says Sarawak’s Deputy Minister of Energy and Environmental Sustainability Datuk Dr Hazland Abang Hipni.
Southeast Asia - Mon, October 28, 2024 | 10:20 pm GMT+7
Vietnam, UAE elevate relations to comprehensive partnership
The United Arab Emirates (UAE) has become Vietnam's first comprehensive partner in the Middle East, underscoring the two nations' commitment and high expectations for a strengthened, practical and effective collaboration.
Politics - Mon, October 28, 2024 | 10:16 pm GMT+7
UAE plans to hold conference to promote investment into Vietnam: minister
The United Arab Emirates (UAE) has plans to organize a large-scale conference in Vietnam to canalize investment from the UAE and elsewhere into the Southeast Asian country, says a minister.
Investing - Mon, October 28, 2024 | 5:41 pm GMT+7
Sustainable packaging key focus area in Suntory PepsiCo Vietnam growth strategy: exec
Suntory PepsiCo Vietnam is actively promoting various initiatives in sustainable packaging as a key focus area in its development strategy, says Do Thai Vuong, deputy general director in charge of external affairs and communications.
Companies - Mon, October 28, 2024 | 5:02 pm GMT+7
Nuclear power Vietnam’s choice to ensure sufficient energy: country top leader
Nuclear power is the path for Vietnam to ensure sufficient electricity supply by 2045, Party General Secretary To Lam said Saturday at the ongoing National Assembly session.
Energy - Mon, October 28, 2024 | 4:33 pm GMT+7
Vietnam Electricity’s northern unit seeks German support in finance, technology
Northern Power Corporation (EVNNPC), a unit of state utility Vietnam Electricity, is seeking further support from the German government and state-owned German development bank KfW to reach sustainable growth.
Energy - Mon, October 28, 2024 | 4:16 pm GMT+7
Leading UAE firms plan to expand investment cooperation in Vietnam
Four leading UAE corporations collaborating with Vietnamese firms have plans to expand investment cooperation in the country, executives told Prime Minister Pham Minh Chinh in Abu Dhabi Sunday.
Industries - Mon, October 28, 2024 | 3:53 pm GMT+7
Real estate developer Nam Long achieves only 3% of year's profit target
Nam Long Group, a major real estate developer in southern Vietnam, recorded an after-tax profit of VND15.5 billion ($610,345) in the first nine months of 2024, reaching only 3% of its annual target.
Companies - Mon, October 28, 2024 | 3:00 pm GMT+7
Vietnam's largest private firm Vingroup launches VinVentures capital fund
Vingroup has launched a capital fund named VinVentures which is dedicated to investing in high-impact technology startups, with assets under management worth $150 million.
Finance - Mon, October 28, 2024 | 2:07 pm GMT+7
Vietnam’s Eximbank sees Q3 earnings triple on forex trading
Ho Chi Minh City-based Eximbank says it earned a net profit of VND721.2 billion ($28.6 million) in Q3/2024, up 198.25% year-on-year, thanks to income from lending and forex trading.
Banking - Mon, October 28, 2024 | 12:25 pm GMT+7
Taiwan electronics firm Lite-On to start $690 mln Vietnam project soon
Taiwan-based Lite-On Technology Corporation, a world-leading provider in optoelectronics and power management, is set to start its $690 million investment in Vietnam next month.
Industries - Mon, October 28, 2024 | 11:01 am GMT+7