Who is in Ms. Truong My Lan's family ecosystem?

According to the investigation agency, the ecosystem of Van Thinh Phat Group was built and operated under the model of VTP Group Joint Stock Company, chaired by Ms. Truong My Lan. VTP Group plays a central role, holds shares, controls all activities of companies in the ecosystem and usually does not directly participate in business activities.

During its operation, VTP Group has built an ecosystem with more than 1,000 businesses including domestic and foreign subsidiaries and member companies. The ecosystem is divided into many layers with hundreds of individuals hired to act as relatives, officers and employees of VTP Group.

SCB's supervisory team also received 'huge' money from Ms. Truong My Lan's group

Zhang Huiyun's niece and Zhou Liji's husband stand side by side with Zhang Meilan.

Among them, there are quite a few companies assigned to family members to manage in the VTP Group ecosystem. First is VTP Group, established in 1992, with a charter capital of 13,000 billion VND, assigned to defendant Truong Hue Van - Truong My Lan's niece - as General Director and legal representative while Ms. Truong My Lan is the Chairwoman of the Board of Directors. VTP Group has 4 shareholders including Truong My Lan owning 60%. Ms. Elizabeth Chu Yuet Han (Chu Duyet Hang) - Truong My Lan's daughter - owns 10%; Ms. Mary Cu Yuet Fan (Chu Duyet Phan) - Truong My Lan's daughter - owns 10% and Emeral Joint Stock Company, also represented by Truong Hue Van, owns 20%.

Defendant Chu Lap Co is the husband of Truong My Lan, founder of Times Square Vietnam Joint Stock Company.

Meanwhile, Mr. Chu Lap Co - Ms. Truong My Lan's husband - is the founder and holds 99.26% of the shares of Times Square Vietnam Joint Stock Company (formerly known as Vietnam Times Square Investment Joint Stock Company). Mr. Co and Ms. Lan manage the company's activities and implement the Times Square building project with the function of a complex of offices, hotels, luxury apartments, commercial centers and service facilities at the land plots 22 - 36 Nguyen Hue and 57 - 69F Dong Khoi (Ben Nghe Ward, District 1, Ho Chi Minh City). Mr. Chu Lap Co stated that for the Times Square building project, Co agreed to let Truong My Lan and Van Thinh Phat Group carry out investment procedures, grant construction permits, mobilize capital, and borrow capital from SCB Bank to implement it. Therefore, in 2009-2012, Chu Lap Co agreed with Truong My Lan to use the land use rights and future assets at the Time Square Building project owned by Times Square Investment Joint Stock Company to secure loans under the names of individuals and organizations designated by Lan to have money to invest in the Times Square project and use for Lan's own purposes. Afterwards, Chu Lap Co, as Chairman of the Board of Directors of Times Square Investment Joint Stock Company, signed the minutes of the General Meeting of Shareholders and the Resolution approving the mortgage and guarantee for loans directed by Lan at SCB Bank.

By 2017, due to the debts due, Co continued to sign the Minutes of the General Meeting of Shareholders on August 15, 2017 of Times Square Company, to guarantee the outstanding debt of more than VND 35,541 billion according to the fake customer list of SCB. Individuals who signed fake loans were paid from VND 15 - 40 million/year. Chu Lap Co confessed that he signed the loan guarantee procedures under Lan's direction, had no relationship with the individuals whose names were borrowed, only signed fake procedures, causing a loss of VND 39,217 billion (loan principal and interest) to SCB Bank.

'Receiving a bribe of 5.2 million USD in the Van Thinh Phat case is the largest ever'

Brother and sister-in-law also participated.

Not only her husband and niece Truong Hue Van have been mentioned a lot, Ms. Truong My Lan also assigned her younger brother and sister-in-law to participate in the management and operation of a number of companies in the ecosystem of Van Thinh Phat Group. That is Mr. Truong Chi Trung - Ms. Truong My Lan's younger brother - as Chairman of the Board of Directors of Van Thinh Phat Investment Group Joint Stock Company, established in 2007 and with a charter capital of 12,800 billion VND. This company is led by Ngo Thanh Nha - Ms. Truong My Lan's sister-in-law - as General Director and legal representative. The 4 shareholders holding shares of Van Thinh Phat Investment Group Joint Stock Company are VTP Group owning 49%; Chu Duyet Hang - Truong My Lan's daughter - owning 15.5%; Chu Duyet Phan - Ms. Truong My Lan's daughter - owning 15.5% and Emeral Joint Stock Company also represented by Truong Hue Van owning 20%.

Meanwhile, Viet Vinh Phu Financial Investment Joint Stock Company was established in 2007, with a charter capital of VND2,868 billion. Although not a legal representative, Truong Hue Van owns 50.5% of the charter capital; Prosperity Asia Cpital Limited (British Virgin Islands) owns 19.5% of the capital; Lionyear International Limited (British Virgin Islands) owns 15% and Magic Luck Group Limited (British Virgin Islands) owns 15%). Viet Vinh Phu Company's operations are led by Ta Chieu Trung - CEO and representative on the Board of Directors of SCB Bank. Viet Vinh Phu Company is a shareholder owning 12.828% of the charter capital of SCB Bank.

Three foreign individuals own a total of 49.5% of Viet Vinh Phu Company but do not participate in any management activities. Although they are major shareholders, investing large amounts of money to directly and indirectly own SCB Bank, Truong My Lan provided very vague information about these people, such as only remembering the names Simons, Thomas, Kent, who are people of multiple nationalities, but not knowing which nationality they are. Even for those who Truong My Lan declared as her friends investing in 5 foreign legal entities that own shares in SCB Bank, she does not remember the names, contact information, addresses of these people...

Van Thinh Phat case: Where did more than 1 million billion VND withdrawn from SCB go?

According to the investigation agency, the ecosystem of Ms. Truong My Lan's Van Thinh Phat Group is divided into 4 main groups that are closely related to each other. The first is the group of financial institutions in Vietnam including: SCB, Tan Viet Securities Company, Viet Vinh Phu Financial Investment Joint Stock Company. In which, SCB plays a particularly important role, being used as a financial tool to provide capital for companies in the VTP ecosystem. The second is the group of companies operating in Vietnam, most of which operate in the fields of real estate, restaurants, hotels... all of which have large charter capital. Third, there are "ghost" companies in Vietnam that are established to use legal entities to contribute capital to invest in projects, borrow money from banks, and carry out debt restructuring... Fourth, there is a network of companies abroad, in territories and "tax haven" countries that serve investment and business activities abroad or use the name of "foreign investors" to invest in Vietnam, with the task of managing the capital and assets of Truong My Lan's family abroad.

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