Uncovered factors helped Chairman Pham Thanh Huat embezzle hundreds of billions of VND from Standard Chartered loans through “commitment” contracts

The deputy general manager of Saigon Peninsula Real Estate Company “assisted” Van Thinh Phat chairman Ms. Truong My Lan to embezzle more than 297,417 billion VND from SCB Bank. The Public Security Investigation Bureau of the Ministry of Public Security released the investigation conclusion of the case: “Corruption of property, violation of banking business regulations and other banking-related activities, bribery; bribery; Wanshengfa Group, Standard Chartered Bank and many of their affiliated units and organizations There are phenomena such as abuse of power, abuse of power, serious consequences due to dereliction of duty, and misuse of property.

Among the 86 defendants planned to be prosecuted, Ms. Nguyen Phuong Anh, deputy general manager of Saigon Peninsula Company, is planned to be prosecuted for “misappropriation of property.”

The investigation concluded that Ms. Nguyen Phuong Anh worked at Van Thinh Phat Group from 2009 to October 2022. Phuong Anh was assigned to monitor cash flow and was responsible for the accounting and financial activities of Peninsula Group’s “ghost” companies under the guidance of Ms Teo.

The investigation results determined that between January 1, 2018 and October 7, 2022, Ms. Nguyen Phuong Anh established, managed, monitored and utilized 290 legal entities and 188 individuals in accordance with Ms. Zhang Meilan’s instructions, and produced a total of 709 loan documents. . The payment amount exceeded VND 411,069 billion, and as of October 17, 2022, the total outstanding debt exceeded VND 534,776 billion (of which the principal balance exceeded VND 406,046 billion and the outstanding balance exceeded VND 406,460 billion VND). More than VND128,730 billion).

According to the investigation results, the investigative agency has sufficient evidence to determine that Ms. Ruan Fangying assisted and accomplice Ms. Zhang Meilan was guilty of the “crime of embezzlement of property” stipulated in Article 353, paragraph 4, of the Criminal Procedure Law of the People’s Republic of China. According to the 2015 Penal Code, the joint appropriation amount exceeds VND 297,417 billion (the principal balance from January 1, 2018 to October 7, 2022 exceeds VND 406,046 billion) – Asset value Hoang Quan Appraisal Company as of 9 As for the secured assets assessed on March 30, 2022, SCB believed that it was legally sufficient to establish a risk reserve of more than VND108,629 billion, resulting in a loss of outstanding interest debt of more than VND128,730 billion.

Chairman Van Thinh Phat assigned Nguyen Phuong Anh to supervise all receipts and expenditures of Standard Chartered Bank and various funding sources; coordinate with Ho Buu Phuong and Dang Phuong Hoai Tam to “release” loans issued by SCB to the ultimate beneficiary company.

Prosecutors said the defendants signed a contract promising to transfer fake shares in order to “dissolve funds.” In particular, the “ghost” company is the beneficiary of the payment of funds and the promise to purchase stock from an individual (employed to hold stock in another “ghost” company).

After signing a contract promising to transfer shares and transfer funds, the individual goes to the bank to sign the withdrawal document; the beneficiary company promises to purchase the shares and only records the accounts in the “accounts receivable” section, without going through the transfer procedures or share transfer procedures, so it does not Generate any taxes, evade inspections by tax authorities and inspection agencies, and detect irregularities.

Whenever large sums of money needed to be spent, Nguyen Phuong Anh would report and consult with Ho Buu Phuong and sign a contract promising to transfer the shares. Zhang Meilan will convene a meeting between Ho Buu Phuong and Dang Phuong Hoai Tam to agree on the list of shares participating in the committed transfer, the number of shares and the unit price.

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The Van Thinh Phat Group Board of Directors office submitted a list of companies and individuals that own shares and wish to participate in the share transfer undertaking. At the meeting, Ho Buu Phuong expressed his opinion on the unit price of each company’s stock based on the evaluation of its establishment time, capital size and existing assets.

The stock price of a newly established company without assets is VND10,000-30,000 per share. Zhang Meilan will negotiate and decide. According to Ho Buu Phuong, Nguyen Phuong Anh entered into contracts promising to buy and sell stocks among companies he managed, which borrowed funds from SCB in his name and withdrew the funds after payment.

Ho Buu Phuong asked Nguyen Phuong Anh to work with Van Thinh Phat employees to develop a plan to commit to transferring shares; to jointly review companies (to avoid cross-shareholdings between companies) and to apply relative stock prices based on size, age of establishment and company assets.

It is worth noting that Saigon Peninsula Group is a joint venture investor in the implementation of the Mui Den Do project, a 7-year “layout” project used as collateral for hundreds of Van Thinh Phat’s loans at SCB.

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