Regarding the Van Thinh Phat case phase 2, the investigation agency (CQĐT) said that, regarding the act of fraud and appropriation of property, from 2018 to 2020, Ms. Truong My Lan and her accomplices issued 25 packages of fake bonds, without collateral, and are currently unable to pay.

The total value of these 25 bond packages is more than VND 30,869 billion, with an outstanding debt of more than VND 30,081 billion. The investigation agency identified the victims as 35,824 bondholders owning 25 bond codes of 4 companies An Dong, Quang Thuan, Sunny World and Setra at the time of the case initiation (October 7, 2022).

According to the testimony of Van Thinh Phat Chairwoman Truong My Lan at the Investigation Police Agency, in 2018, Ms. Lan was reported by her subordinates that SCB Bank was under pressure to pay interest to people and repay many remaining financial debts from the 133,000 billion VND debt when merging 3 banks in 2012.

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Ms. Truong My Lan was informed by her subordinates that SCB Bank was under pressure to pay debts and interest to the people. Photo: VietNamNet

On the other hand, in 2017, the Banking Supervision and Inspection Agency, State Bank of Vietnam inspected SCB Bank. The inspection results turned SCB from a bank supported for restructuring into a bank operating normally, with restrictions on credit limits and many other activities, leading to a deadlock in SCB Bank's operations.

At this time, Ms. Nguyen Phuong Hong, Deputy General Director of SCB Bank, repeatedly proposed to Ms. Lan to use An Dong Company and other companies of Van Thinh Phat Group to issue bonds to have a source to handle debts, helping SCB overcome difficulties.

Ms. Lan stated that at that time she agreed to the policy of using An Dong Company to issue bonds.

Initially, Ms. Phuong Hong proposed to issue An Dong Company bonds from 10,000 billion VND to 15,000 billion VND, but later, due to the actual situation, many financial pressures arose, so An Dong Company issued bonds up to 25,000 billion VND along with many other companies.

Ms. Lan took advantage of lunch at the headquarters of Van Thinh Phat Group in Ho Chi Minh City to invite some "trump cards" to discuss.

Specifically, Ms. Lan invited Mr. Dinh Van Thanh, Chairman of SCB; Mr. Vo Tan Hoang Van, General Director of SCB; Ms. Nguyen Phuong Hong, Deputy General Director of SCB; Mr. Nguyen Tien Thanh, General Director of SVSI Securities Company and Mr. Ho Buu Phuong, Deputy General Director in charge of finance of Van Thinh Phat Group to dinner.

During the meal, Ms. Lan proposed to lend money to An Dong Company to issue bonds, mobilize funds for SCB Bank's operations, and assigned the above individuals to proactively research and implement.

In particular, Mr. Vo Tan Hoang Van has the role of directing and operating SCB Bank to implement the introduction, consultation, and sale of bonds issued by companies under Van Thinh Phat Group to the people.

Ms. Nguyen Phuong Hong has the role of chairing and coordinating with relevant parties to develop a plan for bond issuance, coordinate cash flow and use of proceeds from bond mobilization; manage and monitor the use of money. Other “trump cards” are also assigned specific tasks.

Commitment to overcome consequences of Chairman Van Thinh Phat

During the working process with the Investigation Police, Ms. Truong My Lan admitted that the policy of issuing bonds of companies under Van Thinh Phat Group was against the law because the money from selling bonds was not used for investment, production, or to create a source of income to repay debt to bondholders, but was used to deal with SCB's financial crisis, leading to the inability to pay.

Ms. Lan takes responsibility for her mistakes and repays the bonds to bondholders in the following forms:

Use all of Ms. Lan's money and assets that have been seized, blocked, blocked, and confiscated, and all of the money and assets that the People's Court of Ho Chi Minh City has ordered individuals and organizations to return or compensate Ms. Lan, to prioritize debt payment and bond interest for bondholders.

In addition, Ms. Lan hopes that individuals and organizations involved in using money raised from bonds of these companies must also be responsible for ensuring full repayment of debt and bond interest to the people.