Latest information on Truong My Lan case: 35,000 bondholders receive urgent notices

On July 31, the Ho Chi Minh City People's Court said that so far it has received the dossier and accepted the case to settle according to regulations for the case of fraudulent appropriation of property, money laundering, and illegal transportation of currency across the border carried out by Truong My Lan and 33 other defendants.

According to the list of appendices attached to the investigation conclusion, the Investigating Police Agency, the Ministry of Public Security has identified more than 35,000 buyers of bonds of An Dong Investment Group Joint Stock Company, Sunny World Investment Joint Stock Company, Quang Thuan Investment Joint Stock Company, etc Ho Chi Minh City Trading and Service Joint Stock Company (Setra).

In order to serve the trial, the Ho Chi Minh City People's Court requests individuals who own bond lots issued by the 4 companies mentioned above to check, compare personal information and monitor case trial information on the website of the Ho Chi Minh City People's Court.

For cases of owning bonds but not yet on the attached list, the court proposes to make an application and send it to the People's Court of Ho Chi Minh City for settlement according to regulations.

The court noted that it only accepts applications by mail, and will not accept applications from bondholders not issued by the 4 companies mentioned above.

According to the prosecution of VKS, Ms. Truong My Lan and her accomplices issued 25 packages of short bonds, with a total value of more than VND 30,869 billion, without collateral. Up to now, these bond packages still have outstanding debts of more than VND 30,081 billion from more than 35,000 investors, unable to pay.

In order to conceal the source of money obtained from the issuance of bonds and VND 415,000 billion obtained from the act of "Embezzlement of assets" from SCB Bank's money, Ms. Lan directed her subordinates to coordinate and plan to withdraw and transfer money out of the banking system, using it for different purposes.

For the act of "Illegally transporting currency across the border", according to the allegations, from 2012-2022, whenever it was necessary to use money to transfer abroad to repay debts and receive loans from abroad, Ms. Truong My Lan assigned Trinh Quang Cong (General Director of SPG Company) to coordinate with Nguyen Phuong Anh (Deputy General Director of SPG Company), Chiu Bing Keung Kenneth (lawyer assigned to manage foreign companies) makes "short" contracts for the purchase and sale of shares, capital contributions, and consultancy between companies in Vietnam and overseas companies and organizations (all "ghost companies").

Through these "short" contracts, loans are transferred from abroad to Vietnam and debt repayments are transferred from Vietnam to abroad through the SCB banking system.

The total amount of money Ms. Lan and her accomplices illegally transported across the border was more than 4.5 billion USD, equivalent to 106,000 billion VND.

According to the indictment, from 2018 to 2020, Truong My Lan set out policies and directed the use of 4 companies: An Dong, Sunny World, Quang Thuan and Setra to issue more than 308 million bonds to mobilize capital of 35,824 investors, earning more than 30,000 billion VND. This amount is not for the right purpose of issuance, leading to insolvency of bond debts. The accomplices are the defendants: Dinh Van Thanh (former Chairman of the Board of Directors of SCB); Vo Tan Hoang Van (former General Director of SCB); Nguyen Phuong Hong (former Deputy General Director of SCB, deceased); Nguyen Tien Thanh (former Chairman, General Director of TVSI Securities Joint Stock Company, deceased) and Ho Buu Phuong (former Deputy General Director of VTP Group).

Previously, in phase 1 of the "grand case" of Truong My Lan - Van Thinh Phat, the People's Court of Ho Chi Minh City in the first instance sentenced the defendant Truong My Lan to the highest sentence for embezzlement of assets, 20 years in prison for the crime of giving bribes and 20 years in prison for violating regulations on lending in the operation of credit institutions. The total penalty is the death penalty. Regarding this case, 85 defendants were involved, the Judicial Council sentenced them from 3 years in prison to life imprisonment.

Truong My Lan case: Paying an additional 20 million to remedy the consequences was recommended to reduce the sentence by 1 year JLO16:50:40 12/10/2024On October 12, after three weeks of work, the trial of defendant Truong My Lan and 33 other defendants ended the debate. According to the announcement of the presiding judge, the panel of judges will announce the verdict at 8:00 a.m. on October 17.