Ecosystem of more than 1,000 businesses
According to the investigation conclusion of the case that occurred at Van Thinh Phat Group, the Ministry of Public Security's Investigation Police Agency concluded that the Van Thinh Phat ecosystem was built and operated according to the model: Van Thinh Phat Group Joint Stock Company plays a central role, holds shares, controls all activities of companies in the ecosystem and usually does not directly participate in business activities.
Van Thinh Phat Group is headquartered at 193-203 Tran Hung Dao, Co Giang Ward, District 1, Ho Chi Minh City, with main businesses in real estate, restaurants, and hotels.
A headquarters of Van Thinh Phat Group (Photo: Nam Ha).
During its operation, Van Thinh Phat Group has built a Van Thinh Phat ecosystem with more than 1,000 enterprises including subsidiaries and member companies at home and abroad. This group of companies is divided into many layers, with hundreds of individuals hired as legal representatives or relatives, officers and employees of Van Thinh Phat Group.
These companies are divided into four main groups that are closely related to each other.
Firstly, the group of financial institutions in Vietnam including Saigon Commercial Joint Stock Bank (SCB), Tan Viet Securities Joint Stock Company (TVSI), Viet Vinh Phu Financial Investment Joint Stock Company (Viet Vinh Phu Company). In which, SCB plays a particularly important role, being used as a financial service to provide capital to companies in the Van Thinh Phat ecosystem.
The second group includes companies operating in Vietnam, mostly in the fields of real estate, restaurants, hotels, etc., all of which have large charter capital and hold controlling shares in subsidiaries and member companies. For example, Saigon Peninsula Group Joint Stock Company has a charter capital of VND 18,000 billion, An Dong Investment Group Joint Stock Company (An Dong Company) has a charter capital of VND 9,000 billion, etc.
The third group is "ghost" companies in Vietnam established to use legal entities to contribute capital to invest in projects, borrow money from banks, carry out debt restructuring or sign cooperation and construction contracts...
The last group is the network of companies abroad. Truong My Lan built a network of many shell companies in territories and "tax haven" countries to serve investment and business activities abroad or used the name of "Foreign investor" to invest in Vietnam with the task of managing the capital and assets of Ms. Lan's family abroad.
Real estate companies involved in the case
Van Thinh Phat Group Joint Stock Company (Van Thinh Phat Group) was established and first operated on June 19, 1992, and changed for the 52nd time on August 1, 2020. The company's charter capital is 13,000 billion VND, the legal representative and General Director is Truong Hue Van (granddaughter of Truong My Lan).
Van Thinh Phat Group has 4 main shareholders: Truong My Lan - Chairman of the Board of Directors (60% of capital); Ms. Lan's 2 daughters, Ms. Elizabeth Chu Yuet Han (Chu Duyet Hang) and Ms. Mary Chu Yuet Fan (Chu Duyet Phan) own 10% and 20% of capital respectively. The remaining shareholder is Emerald JSC, represented by Truong Hue Van, owning 20% of capital.
Truong My Lan is the Chairwoman of the Board of Directors of the company, Ngo Thanh Nha (Mrs. Lan's sister-in-law) is the Vice Chairwoman of the Board of Directors. The other 4 members of the Board of Directors are Ms. Lan's 2 daughters - Chu Duyet Hang, Chu Duyet Phan; Ms. Lan's 2 grandchildren are Truong Lap Hung, Truong Hue Van.
Projects invested by Van Thinh Phat Group include Bonville Residential Area project in Lot 6 - Functional Area 9A+B of the new urban area in the South of the city, Binh Hung Commune, Binh Chanh District, Ho Chi Minh City with an area of over 56,293 m2 and many other projects and contracts.
Van Thinh Phat Investment Group Joint Stock Company was established and first operated on June 28, 2007, and changed for the 13th time on June 11, 2015. Charter capital is 12,800 billion VND, legal representative and General Director is Ngo Thanh Nha (sister-in-law of Truong My Lan).
The shareholder structure of Van Thinh Phat Investment Group includes Van Thinh Phat Group (accounting for 49% of capital); Ms. Lan's two children, Chu Duyet Hang and Chu Duyet Phan, both own 15.5% of capital and Emerald Joint Stock Company, represented by Truong Hue Van, owns the remaining 20%.
The Board of Directors of Van Thinh Phat Investment consists of 3 members: Truong Chi Trung (Ms. Lan's brother) as Chairman of the Board of Directors; Mr. Truong Lap Hung and Truong Hue Van (both are Ms. Lan's nephews) as members of the Board of Directors.
Investment projects invested by Van Thinh Phat Investment include the Sterling Residence Residential Area project in Zone II - Zone 6A of functional area 6A - New Urban Area South of the City, Binh Hung Commune, Binh Chanh District with a scale of 264,633 m2 and many other projects and contracts.
Overview of the Red Cape project, owned solely by Saigon Peninsula, currently undergoing investment procedures (Photo: Quang Anh).
Saigon Peninsula Group Joint Stock Company (Saigon Peninsula) was established and first operated on July 8, 2003, and changed for the 23rd time on October 1, 2020.
The only project that Saigon Peninsula owns is the Red Cape Park and urban housing area in Phu Thuan Ward, District 7, Ho Chi Minh City with a scale of nearly 117.8 hectares. The project is in the process of investment procedures, the project has not been approved, and the land has not been allocated.
In addition to the three companies operating in the real estate industry, another enterprise involved in the case is Viet Vinh Phu Financial Investment Joint Stock Company (Viet Vinh Phu). Mr. Ta Chieu Trung holds the position of General Director and legal representative. The company has a charter capital of VND2,868 billion, and its main business line is management consulting.
Viet Vinh Phu has 4 shareholders including Truong Hue Van (50.5% of capital); Prosperity Asia Capital Limited (19.5%); the remaining 30% is divided equally between Lionyear International Limited and Magie Luck Group Limited. All 3 companies have British Virgin Islands nationality.
In addition, some companies with business activities and revenue generation for Van Thinh Phat group include Windsor Real Estate Management Group Joint Stock Company, An Dong Investment Group Joint Stock Company, Times Square Vietnam Investment Joint Stock Company, Saigon Handicraft Import-Export Joint Stock Company, Thien Phuc International Hotel Company Limited, Vinametric Company Limited, Bong Sen Joint Stock Company, Saigon Artisans Management Company Limited, Saigon Atelier Company Limited, Coco & May Company Limited, Dau An V Joint Stock Company, Dau An Vietnam Joint Stock Company, Eurasia Concept Joint Stock Company, Promana International Investment Consulting Joint Stock Company, The Recipe Company Limited, The Signature Joint Stock Company; LaviFood Company...
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