{"id":4938,"date":"2024-03-04T20:56:16","date_gmt":"2024-03-04T20:56:16","guid":{"rendered":"https:\/\/www.riskinasia.com\/?p=4938"},"modified":"2024-03-06T17:14:57","modified_gmt":"2024-03-06T17:14:57","slug":"the-quadruple-hold-up-by-mrs-truong-my-lan-via-scbank","status":"publish","type":"post","link":"https:\/\/www.riskinasia.com\/the-quadruple-hold-up-by-mrs-truong-my-lan-via-scbank\/","title":{"rendered":"The quadruple hold-up by Mrs Truong My Lan via SCBank"},"content":{"rendered":"\n
\n
\n

The 2024 trial starts for the largest embezzlement case in history of Vietnam involving Mrs Truong My Lan, CEO of Van Thinh Phat real estate company, the control of Saigon Commercial Bank and the corruption of State Bank of Vietnam officials.<\/p>\n\n\n\n

Starting tomorrow, the long awaited trial of Mrs Truong My Lan, CEO of Van Thinh Phat <\/a>group, will start from 5-mar-2024 to 29-apr-2024. Mrs Lan, used the Saigon Commercial Bank SCB, she secretly controlled and she bribed 24 inspectors of the State Bank of Vietnam to turn a blind eye on the SCB, thus building the VTP group real estate empire, through a cascade of fake companies borrowing money. A wipe out equivalent of 6% of Vietnam GDP or the assets of 9 largest listed companies of Vietnam.<\/p>\n<\/div>\n\n\n\n

\n
\"\"<\/figure><\/div><\/div>\n<\/div>\n\n\n\n

For whoever follows the economy in Vietnam, the post Covid 2022 was heavy on arrests of prominent real estate developers. After Mr Quyet of FLC real estate manipulating the share prices on the HCMC stock market, Mr Hoang of Tan Hoang Minh real estate manipulating the land price bidding for $100,000 per sqm in Thu Thiem future financial center and the Novaland bond issuance frenzy, one could feel the worse was behind us. Vingroup was not far away\u2026<\/p>\n\n\n\n

\n
\n

Probably the trial of the year 2024 will surely unveil the quadruple \u2018hold-up\u2019 by Mrs Truong My Lan, CEO owner of Van Thinh Phat real estate developer company.<\/p>\n\n\n\n

The case involves prime and huge land attribution since 1991. The financing is still murky as Mrs Lan \u2018hi-jacked\u2019 the SCBank voting rights, the stock market and the banking system regulators by organized corruption with cash. The justice will tell if the 42,000 bond holders will lose their money depending if they hold a guaranteed bank deposit or VTP group dream real estate dream venture debt in disguise, what professional bankers call a junk bond?<\/p>\n<\/div>\n\n\n\n

\n
\"\"<\/figure>\n<\/div>\n<\/div>\n\n\n\n

Van Thinh Phat group, holds-up prime real estate and huge pieces of land all over HCMC\u2026 since 1991.<\/h1>\n\n\n\n

Once upon a time in 1991, V\u1ea1n Th\u1ecbnh Ph\u00e1t (VTP Group) was founded by Mrs Truong My Lan and her husband Mr Chu Nap Kee. <\/p>\n\n\n\n

Over the years, Ms Lan started to gather prime location in District 1 in the iconic walking street in front of the city hall, becoming the queen of Nguyen Hue.<\/p>\n\n\n\n

Over the years, the huge real estate portfolio<\/a> extended to prime locations in various districts of the city. Unnoticeably accumulating a fortune of $12.5Bn, more than the total wealth of the 5 largest billionaires of Vietnam in aggregate -that includes famous Vingroup-Vinfast, Pham Nhat Vuong CEO-.<\/p>\n\n\n\n

\n
Despite Successful IPO for Vinfast, Created by Vietnam\u2019s Richest Man Pham Nhat Vuong, Risks Loom Large<\/a><\/blockquote>