Van Thinh Phat-related real estate origin reviewed after chairwoman arrest
Ho Chi Minh City's police has asked the municipal Department of Natural Resources and Environment to review the origin of 156 properties related to Van Thinh Phat Group.
The properties are mainly located in districts 1, 3, 5 and 7, and Thu Duc city, notably Time Square at No. 22-36 Nguyen Hue street, Ben Nghe ward, District 1; buildings No. 144-146 Hai Ba Trung street and No. 43-45 Nguyen Dinh Chieu street in District 1’s Da Kao ward.
The department was requested to send the police a report on review outcomes this month.
Van Thinh Phat Group's Times Square building (middle) in Nguyen Hue street, District 1, HCMC. Photo courtesy of Zing magazine.
Earlier on October 8, Truong My Lan, chairwoman of the HCMC-based property developer, was arrested for allegedly fraud in the issuance and trading of corporate bonds in 2018 and 2019. 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 and her accomplices allegedly misappropriated trillions of dong (VND1 trillion = $41.87 million) from the public via the issuance and trading of corporate bonds in the period.
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.
Lan established Van Thinh Phat Co., Ltd. in 1992, operating in commerce, restaurant and hotel businesses, then expanded to real estate. Van Thinh Phat is known for owning a series of major property projects and buildings in premier locations in HCMC, Vietnam’s southern economic hub.
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