Former bank execs wanted in Van Thinh Phat bond fraud case

By Pham Du   October 29, 2023 | 06:14 am PT
Vietnamese police are calling for seven former executives of the Sai Gon Joint Stock Commercial Bank, including two chairpeople, to hand themselves in for involvement in Van Thanh Phat's bond fraud case.

The Ministry of Public Security on Sunday issued arrest warrants against SCB's former chairwoman Nguyen Thi Thu Suong; former chairman Dinh Van Thanh; former deputy general director Chiem Minh Dung; former board members Tram Thich Ton, Sun Henry Ka Ziang, and Lam Lee George; and former branch deputy director Nguyen Lam Anh Vu.

"They have absconded or their whereabouts are unclear," the ministry said.

SCBs former chairman Nguyen Thi Thu Suong and arrest warrant against her. Photos courtesy of the Ministry of the Public Security

SCB's former chairman Nguyen Thi Thu Suong and an arrest warrant against her. Photos courtesy of the Ministry of the Public Security

The warrants were issued four days after the ministry put the seven under criminal probe for embezzlement, and violations against regulations on banking and related activities.

They are being urged to surrender themselves "for leniency" and to practice their rights of defense.

The warrants also grant people the right to arrest and hand them over to the nearest government office.

7 người bị truy nã trong vụ án. Ảnh:CAND

Seven former executives of SCB wanted by Vietnamese police for involvement in Van Thinh Phat's bond fraud case. Photo by CAND

Property giant Van Thinh Phat made headlines after its chairwoman Truong My Lan and other related people were arrested in October last year for alleged fraud related to the issuance of bonds worth more than VND30 trillion (US$1.22 billion) between 2018 and 2020 to appropriate money from the bondholders.

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.

Around 40,000 people bought bonds of An Dong, a subsidiary of Van Thinh Phat, through SCB, according to Tan Viet Securities.

The ministry last March expanded their investigation into Do Thi Nhan, former director of the Department Supervision Department II at the State Bank of Vietnam and its four inspectors. The five are facing power abuse charges for having reported untruthfully to the central bank's leaders about their inspection results, preventing it from taking timely control measures at SCB, the ministry said.

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