Beverage tycoon, daughters allegedly commit $32M fraud

By Pham Du November 24, 2023 | 07:14 am PT

Tan Hiep Phat chairman Tran Qui Thanh and his daughter Tran Uyen Phuong pictured in October 2019. Photo by VnExpress/Thanh Nguyen

Tran Qui Thanh, chairman of beverage giant Tan Hiep Phat, and his two daughters allegedly stole VND767 billion ($31.59 million) worth of property from their money borrowers, police say.

The Ministry of Public Security has recommended that Thanh, 70, Tran Uyen Phuong, 42, and Tran Ngoc Bich, 39, be charged with "appropriation of property via abuse of trust."

Phuong is deputy CEO of Tan Hiep Phat and Bich is the former CEO of the company. Tan Hiep Phat produces a variety of beverages and is best known for its Zero Degree Lemon Green Tea.

Police said that Thanh and his daughters often lent money to borrowers but before disbursing the funds they would require borrowers to transfer property units or shares to them as collateral.

In the loan contracts the value of these assets were often written much below their actual value.

Borrowers thought that they were transferring their assets to Tan Hiep Phat, but in fact the assets were transferred to Thanh personally, which was accomplished by manipulations of paperwork with the help of his daughters.

Even when the borrowers paid back the money with interest, Thanh would use different reasons to not give back the assets he took.

Between 2019 and 2020, Thanh and his daughters took assets from four people, including two property projects and 35 land lots together worth a total of VND767 billion.

Thanh was arrested in April on charges of illegally appropriating property. Phuong was also arrested and Bich is under investigation but left out of custody, for allegedly colluding with their father.