Public security ministry continues search for holders of scandal-hit Van Thinh Phat bonds
The Ministry of Public Security's investigative agency (C03) is looking for holders of bonds from 25 packages issued by real estate developer Van Thinh Phat.
The move is to serve the second phase investigation into the “fraudulent appropriation of property” case at Van Thinh Phat Group and related organizations as well as to ensure the rights and interests of the victims in line with the law.
The 25 bond packages issued by Van Thinh Phat Group and related companies are worth VND30.08 trillion ($1.23 billion) in total. Photo courtesy of Asia Commercial Bank.
According to the investigation, from 2018 to 2020, Van Thinh Phat Group, An Dong Investment Group JSC, Quang Thuan Investment JSC, HCM City Commercial Services JSC, Sunny World Investment and Development JSC, and other organizations conducted fraudulent activities, deceiving a great number of individuals.
They created 25 bond packages with a total value of VND30.08 trillion ($1.23 billion) and misappropriated the buyers’ money.
The bond codes associated with this case are ADC-2018.09, ADC-2018.09.1, ADC-2019.01, QT-2018.12.1, SNWCH1823001, and SET.H2025.01 to SET.H2025.20.
The C03 investigators have determined that the buyers of these bond packages are victims in the case and have entrusted concerned provincial and municipal police departments to gather more information and record testimonies.
C03 has been in contact with most of the victims and taken their testimonies. However, some have refused to cooperate or have moved to other places of residence.
The agency has urged these people to come forward.
“Failure to do so may result in the bondholders’ rights and interests being disregarded,” the investigators warned.
Concluding the first phase of the case, one of the most notorious criminal cases in Vietnam, the Ho Chi Minh City People's Court on April 11 sentenced Truong My Lan, chairwoman of Van Thinh Phat Group, to death for embezzlement, violating banking regulations, and giving bribes. The remaining 85 defendants received sentences ranging from probation to life imprisonment.
On April 26, Lan filed an appeal against the entire first instance verdict.
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