Two Saigon Commercial Bank chairpersons wanted in relation to Van Thinh Phat Group bond fraud

Vietnamese police are calling on two chairpersons and five other leaders of the Saigon Joint Stock Commercial Bank (SCB) to turn themselves over their involvement in the HCMC-based property developer Van Thinh Phat’s bond fraud case.

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, the Ministry of Public Security said on Sunday.

On October 25, the seven were prosecuted by the ministry’s department for investigation of crimes related to corruption, economy and smuggling (C03) for violating regulations on banking and related activities, and asset embezzlement.

"They have absconded or their whereabouts are unknown," the ministry said.

C03 has urged these individuals to surrender "for leniency" and to practice their legal rights to defend themselves. 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) 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.

Related to the case, on March 28, 2023, C03 launched legal proceedings against Do Thi Nhan, former head of the State Bank of Vietnam's banking inspection and supervision department II, and four other people from an inter-sectoral inspection team under the banking inspection and supervision department for abusing their positions and power while on duty.

According to the investigation results, 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) and appropriated the buyers’ money.