Two Saigon Commercial Bank chairpersons, accomplices called on to surrender
The Vietnamese Ministry of Public Security on Wednesday called on two former chairpersons and five other leaders of Saigon Commercial Bank (SCB) involved in the Ho Chi Minh City-based property developer Van Thinh Phat’s bond fraud case to turn themselves in.
The ministry’s investigative agency requested the defendants to voluntarily surrender to enjoy leniency and practice their legal rights to defend themselves in accordance with the provisions of Articles 16 and 60 of the 2015 Criminal Procedure Code.
The wanted list includes SCB's former chairwoman Nguyen Thi Thu Suong; former chairman Dinh Van Thanh; former deputy general director Chiem Minh Dung; former board members Tram Thich Ton, Sun Henry Ka Ziang, and Lam Lee George; and former deputy director of SCB’s Ben Thanh branch Nguyen Lam Anh Vu.
Former chairwoman Nguyen Thi Thu Suong (first row, first, right), former chairman Dinh Van Thanh (second row, first, left) and five other former executives of Saigon Commercial Bank (SCB) are wanted by Vietnamese police for involvement in Van Thinh Phat's bond fraud case. Photo courtesy of the Ministry of Public Security.
Previously, the ministry’s department for investigation of crimes related to corruption, economy and smuggling (C03) launched an investigation into the case of "property embezzlement; fraudulent appropriation of assets; money laundering; abusing trust for property appropriation; violating regulations on banking and related activities; and showing a lack of responsibility, causing serious consequences" at SCB, Van Thinh Phat Group and related units.
On October 25, the department decided to launch legal proceedings and arrest the seven individuals but their whereabouts are unknown.
On October 29, the investigative agency issued warrants for them. People with information about the wanted persons have the right to arrest and hand them over to the nearest police station or government office.
Property giant Van Thinh Phat made headlines after its chairwoman Truong My Lan and others were arrested in October last year for alleged fraud related to the issuance of bonds to appropriate more than VND30 trillion ($1.22 billion) from 42,000 investors between 2018 and 2020.
In addition to Truong My Lan; Truong Hue Van, CEO of HCMC-based Windsor Real Estate Management Group JSC; Nguyen Phuong Hong, a staff member of Van Thinh Phat Group; and Ho Buu Phuong, former chairman of Tan Viet Securities and former deputy CEO in charge of finance at Van Thinh Phat, were detained for fraudulently appropriating assets.
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 over VND30 trillion ($1.22 billion) to con buyers.
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