Property developer Van Thinh Phat’s chairwoman arrested for bond fraud

By Pham Du October 7, 2022 | 08:36 pm PT

Truong My Lan, chairwoman of Van Thinh Phat Group. Photo courtesy of the company

Truong My Lan, chairwoman of property developer Van Thinh Phat Group, was arrested for alleged fraud related to issuance and trading of bonds worth trillions of dong (VND1 trillion = $41.87 million).

Lieutenant General To An Xo, chief of staff and spokesperson for the Ministry of Public Security, confirmed the arrest to the media Saturday morning.

Also arrested were Truong Hue Van, 34, CEO of Windsor Property Management, Nguyen Phuong Hong, 38, an assistant at Van Thinh Phat, and Ho Buu Phuong, 50, former chairwoman of Tan Viet Securities and former deputy financial director of Van Thinh Phat.

They allegedly cheated a number of people in 2018-19 to misappropriate trillions of dong.

Lan, 66, is a Chinese-Vietnamese entrepreneur whose husband is a wealthy Hong Kong property developer.

She established Van Thinh Phat in 1992 as a restaurant and hotel operator but then moved into property development.

The company has many projects in prime locations in Ho Chi Minh City.