Sudden deaths will not affect bond fraud investigation into Van Thinh Phat chairwoman

By Viet Tuan   October 29, 2022 | 05:34 am PT
Sudden deaths will not affect bond fraud investigation into Van Thinh Phat chairwoman
Truong My Lan, chairwoman of Van Thinh Phat Group. Photo courtesy of Van Thinh Phat
Some accused's sudden deaths will not affect a fraud investigation involving the chairwoman of property developer Van Thinh Phat Group, the public security ministry said.

To An Xo, spokesman of the ministry, on Saturday provided updates on the investigation into Truong My Lan, chairwoman of Van Thinh Phat, who was arrested earlier this month for alleged fraud related to issuance and trading of bonds worth trillions of dong (VND1 trillion = $41.87 million).

The fraud involved An Dong Investment Group Corp, a subsidiary of Van Thinh Phat.

Xo said the decision to launch an investigation into the case was to make sure that the law is upheld, to ensure that the bond, financial and stock markets, as well as banks, could operate properly, to ensure the legal rights of investors, depositors, businesses and the people, and to ensure a healthy investment environment for the development of the economy and social stability.

The fact that certain people involved in the case died of "sudden deaths" has caused some difficulties to the investigation. However, the case will eventually come to light and justice would be served, Xo said.

"Key leaders of the Communist Party and the government when informed of the case all agreed that it would be a difficult one, but must be handled. The more difficult it is, the more determined we are in handling it," he said.

Besides Lan, 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, were also arrested.

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.

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