Former bank executives sought in Van Thinh Phat bond fraud case.

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    Oct 31, 2023

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Vietnamese police seek seven ex-executives of Sai Gon JSC Bank, including two chairpeople, to surrender due to their role in Van Thanh Phat's bond scam.


On Sunday, the Ministry of Public Security released arrest warrants for several individuals formerly associated with SCB. Among those named are Nguyen Thi Thu Suong, the former chairwoman of the bank; Dinh Van Thanh, the former chairman; Chiem Minh Dung, the former deputy general director; Tram Thich Ton and Sun Henry Ka Ziang, former board members; Lam Lee George, another former board member; and Nguyen Lam Anh Vu, the former branch deputy director.

According to the ministry, either they have absconded or their current location cannot be determined.

Nguyen Thi Thu Suong, the ex-chairman of SCB, faces an arrest warrant issued against her. The Ministry of Public Security has provided photographs related to this matter.

The ministry initiated a criminal probe against the seven individuals for embezzlement and violations of banking and related activity regulations, leading to the issuance of warrants four days later.

There is a strong appeal for them to voluntarily surrender "to receive leniency" and exercise their rights of defense.

The warrants additionally bestow individuals with the authority to apprehend and transfer culprits to the nearest governmental authorities.

Vietnamese authorities are currently seeking seven former executives of SCB (Standard Chartered Bank) as they are suspected of being involved in the bond fraud case of Van Thinh Phat. The individuals are being targeted by the police for their alleged participation in illegal activities. Attached is a photograph taken by CAND.

Property company Van Thinh Phat gained attention when its chairwoman, Truong My Lan, along with others, were taken into custody last October. The arrest was made in connection with an alleged fraud scheme involving the issuance of bonds, with the aim of misappropriating over VND30 trillion (equivalent to US$1.22 billion) from 2018 to 2020.

Truong Hue Van, aged 34, who serves as the CEO of Windsor Property Management, along with Nguyen Phuong Hong, aged 38, an assistant at Van Thinh Phat, and Ho Buu Phuong, aged 50, formerly holding positions as the chairwoman of Tan Viet Securities and the deputy financial director of Van Thinh Phat, have all been apprehended by the authorities.

According to Tan Viet Securities, approximately 40,000 individuals purchased bonds from An Dong, a subsidiary of Van Thinh Phat, through SCB.

In March of last year, the ministry decided to broaden their inquiry into Do Thi Nhan, the former director of the Department Supervision Department II at the State Bank of Vietnam, along with four inspectors. These individuals have been accused of misusing their authority by providing false reports to the central bank's leaders regarding their inspection findings. As a result, the timely implementation of control measures at SCB was hindered, according to the ministry.

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