Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

By Thanh Tung   April 23, 2024 | 06:05 pm PT
Tran Qui Thanh, chairman of leading beverage manufacturer Tan Hiep Phat, and his daughter Tran Uyen Phuong showed up at the ongoing trial visibly languished after a year of detainment on accusations of "abuse of trust to appropriate assets."
Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

Tran Qui Thanh, chairman of leading beverage manufacturer Tan Hiep Phat, and his two daughters are standing trial Tuesday for “abuse of trust to appropriate assets.”

Prosecutors said Thanh, 71, along with his two daughters, offered loans against collateral and then coerced borrowers into selling the assets at cheap prices to appropriate VND1.048 trillion (US$41.2 million).

If found guilty, Thanh, 71, Tran Uyen Phuong, 43, who is also deputy CEO of Tan Hiep Phat, and Tran Ngoc Bich, 40, face prison sentences of 12-20 years.

Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

Addressing the court, Thanh spoke firmly, stating that he has a doctoral degree and was the CEO of Tan Hiep Phat prior to his arrest.

Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

Thanh was talking to his elder daughter Tran Uyen Phuong during the trial.

Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

After spending a year in custody, Thanh's hair had turned grey, and signs of exhaustion and frailty were evident on his face.

Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

Phuong, 43, Thanh's first daughter and the deputy CEO of Tan Hiep Phat.

Beverage tycoon Tran Qui Thanh appears with grey hair following a year in custody

Tran Ngoc Bich, 40, Thanh's younger daughter.

According to the prosecution, Thanh and his daughters provided loans to many people at an interest rate of 3% per month from January 2019 to November 2020.

Instead of forming loan contracts, they allegedly coerced them into signing sale contracts at prices significantly lower than the actual value of the collateral.

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

The trio is accused of misappropriating assets from four individuals, including two property projects and 35 land lots, amounting to a total of VND1.048 trillion.

Thanh and Phuong were arrested in April 2023, while Bich remained out of custody.

The trial is scheduled to run until April 25.

 
 
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