On November 30, the Vietnam Debt Trading Company Limited (DATC) of the Ministry of Finance informed about the "misunderstanding" related to Van Thinh Phat.

Specifically, DATC stated that: Recently, some newspapers and electronic information sites have mentioned information about some valuation companies, including DATC Company, colluding with subjects at Saigon Commercial Joint Stock Bank (SCB) to illegally issue valuation certificates to legalize loan applications of Van Thinh Phat Group, thereby causing particularly serious damage.

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The Van Thinh Phat case shocked public opinion.

According to the Debt Trading Company, the DATC Company related to the Van Thinh Phat Group case is actually the full name of DATC Real Estate - Asset Consulting - Services Joint Stock Company (abbreviated name in the business registration certificate is DCSC).

Regarding the establishment process, DATC Real Estate Consulting and Services Joint Stock Company was formerly the real estate consulting and services information center under the Department of Public Asset Management - Ministry of Finance.

In 2007, the Ministry of Finance transferred the Center for Information, Consulting and Services on Assets and Real Estate to the Vietnam Debt Trading Company (DATC) for management.

After receiving, the Center for Consulting Information - Services on Assets - Real Estate, DATC converted to establish a Joint Stock Company with the name "DATC Consulting - Services on Assets - Real Estate Joint Stock Company" with a charter capital of 10 billion VND, in which DATC holds 60% of the charter capital (6 billion VND corresponding to 600,000 shares).

Implementing the Government's policy on divesting state capital from enterprises, in November 2014, DATC divested all shares (100% of contributed capital) at DATC Real Estate - Asset Consulting - Services Joint Stock Company through FPT Securities Joint Stock Company.

Since November 2014, DCSC Company has operated independently, has no binding relationship and is no longer a member unit of DATC.

Van Thinh Phat case: SCB and the trick of hiding bad debts, partners' identities Although most banks publish detailed financial reports, including bad debts and transactions with related parties, SCB's financial reports do not show this information. In addition, there is the power of the chairman of Van Thinh Phat Group.