Van Thinh Phat boss arrested for corporate bond fraud
Truong My Lan, chairwoman of HCMC-based property developer Van Thinh Phat Group, was arrested Saturday for alleged fraud in the issuance and trading of corporate bonds in 2018 and 2019.
Truong My Lan, chairwoman of Van Thinh Phat Group JSC. Photo courtesy of the company.
The 66-year-old faces charges of fraudulently appropriating assets, said Lieutenant General To An Xo, a spokesman at the Ministry of Public Security.
Lan was detained by the ministry’s investigative agency.
Facing the same charges are Truong Hue Van, 34, CEO of HCMC-based Windsor Real Estate Management Group JSC; Nguyen Phuong Hong, 38, a staff of Van Thinh Phat Group; Ho Buu Phuong, 50, former chairman of Tan Viet Securities and former Deputy CEO in charge of finance at Van Thinh Phat. All of them were also detained Saturday, police said.
Lan and her accomplices allegedly misappropriated trillions of dong (VND1 trillion = $41.87 million) from the public in the 2018-2019 period via the issuance and trading of corporate bonds.
Lan, also known as Truong Muoi, is a Chinese-Vietnamese businesswoman and a billionaire. Her husband is a wealthy real estate tycoon living in Hong Kong. In mid-2014, Lan and nine family members simultaneously applied for renunciation of their Vietnamese citizenship.
Truong My Lan at a police station. Photo courtesy of the police.
Lan established Van Thinh Phat Co., Ltd. in 1992, operating in commerce, restaurant and hotel businesses, then expanded to real estate. The Van Thinh Phat Group JSC is known for owning a series of major property projects and buildings in premier locations in HCMC, Vietnam’s southern economic hub.
In April, Do Anh Dung, chairman of property developer Tan Hoang Minh Group, was detained by investigative police also for alleged fraudulent appropriation of property via bond issuances.
In March, Trinh Van Quyet, chairman of FLC Group, one of Vietnam's leading real estate developers, was arrested on charges of “manipulating” and “concealing information in securities activities”. He is being investigated by the police for “manipulating the stock market” under the Penal Code.
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