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Vietnamese property development tycoon arrested for bond fraud

Vietnamese property development tycoon arrested for bond fraud

Saturday, October 08, 2022, 13:06 GMT+7
Vietnamese property development tycoon arrested for bond fraud
This photo acquired by Tuoi Tre shows a portrait of Truong My Lan, founder and chairwoman of property developer Van Thinh Phat Holdings Group.

Truong My Lan, founder and chairwoman of property developer Van Thinh Phat Holdings Group, was arrested for alleged fraud related to issuance and trading of bonds worth trillions of Vietnamese dong (VND1 trillion = US$41.87 million). 

Lieutenant General To An Xo, spokesperson of the Ministry of Public Security, confirmed the arrest to the media on Saturday morning.

Truong Hue Van, 34, CEO of Windsor Property Management, Nguyen Phuong Hong, 38, an assistant at Van Thinh Phat, and Ho Buu Phuong, 50, former chairwoman of Tan Viet Securities and former deputy financial director of Van Thinh Phat, were also arrested.

They allegedly cheated a number of people in 2018-19 to misappropriate trillions of dong.

Relevant forces also searched Lan’s residence and workplace for an investigation into the charges of fraud and appropriation of property.

Lan, 66, established Van Thinh Phat in 1991, according to the company's website.

It operated as a restaurant and hotel operator before growing into property development, developing many projects in prime locations in Ho Chi Minh City.

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Bao Anh - Than Hoang / Tuoi Tre News

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