Police clarify origins of 156 buildings related to property developer Van Thinh Phat

By Quoc Thang   October 20, 2022 | 12:19 am PT
Police clarify origins of 156 buildings related to property developer Van Thinh Phat
The IFC One Saigon building on Ton Duc Thang Street of HCMC's District 1 is on the list of buildings related to Van Thinh Phat Group. Photo by VnExpress/Thanh Tung
HCMC police are clarifying the origins of 156 buildings linked to Van Thinh Phat Group to serve an ongoing criminal investigation.

The economic security division under the Ho Chi Minh City Police Department had sent officers over to the municipal Department of Natural and Environment to clarify information about government involvement in the land use rights of the buildings.

The results were supposed to arrive Wednesday, but police have not revealed further information.

On the list of buildings are those standing in prime locations such as Saigon Time Square on Nguyen Hue Street, Union Square on Dong Khoi Street, and the IFC One Saigon on Ton Duc Thang Street, all in HCMC's downtown District 1.

Truong My Lan, chairwoman of property developer Van Thinh Phat, was arrested on Oct. 8 for alleged fraud related to issuance and trading of bonds worth trillions of Vietnamese dong (VND1 trillion = $41.87 million).

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 Vietnamese 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.

go to top