23 more officials probed in Van Thinh Phat scam

By Viet Tuan   November 23, 2023 | 01:43 am PT
23 more officials probed in Van Thinh Phat scam
An office of SCB in Da Nang City. Photo courtesy of SCB
Twenty-three more government officials are being investigated for their involvement in financial crimes at disgraced property developer Van Thinh Phat and lender SCB.

The Central Internal Affairs Committee of the Communist Party of Vietnam reports that the suspects include six government inspectors and 12 officials from the State Bank of Vietnam (SBV).

Additional individuals under investigation are a department head of the Government Office, an official of the National Financial Supervisory Commission, an official of the Central Inspection Committee, a chief inspector of Lam Dong Province, and a deputy director of the SBV Ho Chi Minh City branch.

This probe expands the scope of criminal cases related to Van Thinh Phat and SCB to three. In the first case, 86 people, including 24 government officials, were recommended for charges related to embezzlement, bribery, and receiving bribes.

The central figure in these violations is identified as Van Thinh Phat chairwoman Truong My Lan. She is accused of illegally withdrawing VND1 quadrillion ($44 billion) from SCB over a decade, a sum equivalent to one-fifth of Vietnam's GDP as of September-end.

This scale makes it one of Vietnam's most significant financial crimes in recent history.

Allegedly, Lan and her accomplice bribed all 24 officials of the SBV, with one official from the inspection and supervision department receiving as much as $5.2 million.

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