SCB restructuring: Group of joint investors 'has 2 billion USD available'

Van Thinh Phat Group has just proposed a restructuring plan for SCB Bank, through cooperation with domestic and international investors, committing to compensate more than 700,000 billion VND in damages according to the verdicts, within 12 years.

Customers transact at SCB counter - Photo: SCB

Need to avoid long-term dispute risks

Recently, Mr. Truong Lap Hung - authorized by the Board of Directors of Van Thinh Phat Group Joint Stock Company - sent the submission 18/2025 to General Secretary To Lam, Prime Minister Pham Minh Chinh, Permanent Deputy Prime Minister Truong Hoa Binh and Governor of the State Bank Nguyen Thi Hong. The content of the submission expressed the desire to participate in restructuring or voluntarily accept the compulsory transfer of SCB Bank, associated with the handling of the case's assets.

Accordingly, SCB Bank currently has a charter capital of more than VND 15,231 billion. According to the first instance criminal judgment No. 157/2024 and the appeal criminal judgment No. 1125/HS-PT, Ms. Truong My Lan owns 91.536% of the charter capital, with 27 other legal entities and individuals standing in her name.

Therefore, according to the proposal, if the State chooses the option of compulsory transfer of SCB Bank to a unit (Sun Group Corporation) without the consent of Ms. Lan (who owns the majority of SCB shares and most of the assets related to the case), it will easily lead to the possibility of prolonged legal disputes, complaints, and lawsuits.

Meanwhile, if the priority option is chosen for the group of investors who have agreed and cooperated with Ms. Lan and Van Thinh Phat to implement the project, it is considered consistent with the spirit of Resolution 68. This Resolution prioritizes applying civil, economic , and administrative measures first; allowing businesses and entrepreneurs to proactively remedy violations and damages.

This consortium of investors is confirmed to have sufficient financial capacity and experience in implementing real estate projects. At the same time, Ms. Lan and Van Thinh Phat are the owners of the assets in the case, so they will have the conditions to be proactive and optimize the value of the assets.

In a new dispatch sent to Party and Government leaders to review the project's proposal, Nova Group said: "Currently, the first phase capital worth 2 billion USD has been prepared by us and is ready to be deposited into the blocked account as required."

Some investors participating in the project proposed by Van Thinh Phat - Source: VTP

In addition to domestic partners, there are also notable foreign investors who want to participate in SCB's restructuring, such as the corporate finance and banking management consulting firm Alvarez & Marsal Holdings (A&M), founded in 1930 in the US, or Germania Helvetica Grupus Ag (GHG), headquartered in Switzerland.

There are also a number of consultants supporting the project development that Van Thinh Phat has mentioned, such as banking and finance expert Khawaja Muhammad Salman Younis and Mr. Sohail S. Quraeshi, chairman of Milcon Gulf Group.

3 stages of implementation

In the first phase, Van Thinh Phat and the investor group have available capital of 2 billion USD, equivalent to more than 50,000 billion VND, which will be disbursed as soon as permitted to stabilize SCB's operations, ensure liquidity of deposits, pay overdue debts, supplement working capital and estimate costs to complete a number of large, feasible projects.

Notably, SCB will not need to borrow additional special loans from the State Bank if this plan is implemented.

Phase two will take place within 5 years from the date of project implementation. Investors will use money, assets from partners and investment funds with an amount of about 8 billion USD, equivalent to more than 200,000 billion VND to develop projects with completed legal procedures, as a lever to generate revenue.

Phase three takes place in parallel with phase two. Investors will use additional loans from domestic and international credit institutions to invest in large projects to generate revenue of about VND580,000 billion.

Some projects expected to generate large revenues include the Red Cape project (estimated to bring in 180,000 billion VND), the Ba Son project (about 50,000 billion VND), the 87 Cong Quynh project, 289 Tran Hung Dao, Saigon Port, the Nguyen Hue - Amigo quadrangle (total 250,000 billion VND)...

In addition, assets currently mortgaged at SCB such as small real estate projects, shares, unpriced stocks, unfinished projects, civil houses, old apartments... if fully valued and legally completed, can bring in an additional 100,000 billion VND.

At the same time, Van Thinh Phat and Nova Group have introduced a series of policies that require State support, such as applying a 0% interest rate for 12 years on the amount of money disbursed to SCB, granting a special mechanism similar to handling weak credit institutions, removing asset seizures, allowing money from asset disposal to be used for restructuring, establishing a steering committee or inter-governmental working group to monitor the implementation of the project (similar to the model of handling Vinashin and VAMC)...

The Government Office has issued a document assigning the Governor of the State Bank to study and propose handling the proposal of Van Thinh Phat Group when it wants to participate in restructuring SCB bank with support from many international investors.

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Source: https://tuoitre.vn/tai-co-cau-scb-nhom-cac-nha-dau-tu-lien-danh-dang-co-san-2-ti-usd-20250619152714523.htm