This morning, the second phase of the Van Thinh Phat trial entered the questioning phase of the defendants prosecuted for the crime of "Fraudulent appropriation of property".
Admitting the crime as charged in the indictment, defendant Ho Buu Phuong (former Deputy General Director in charge of finance of Van Thinh Phat Group) stated that he accepted the bond issuance policy of defendant Truong My Lan in the meeting. After that, the defendant requested the units of the group to coordinate to complete the bond issuance dossier on schedule.
“The defendant thought he had a relative understanding of the law, but there were some aspects he did not fully grasp. He did not expect the number of people buying the bonds to be so large. When the bonds were issued, he thought there would be no buyers. The incident happened and he was very remorseful, even though he did not benefit from the bond issuance,” defendant Ho Buu Phuong explained.
Defendant Phuong said that the prosecutor did not prosecute him unjustly, but that the accusation that he actively assisted was incorrect. “The defendant only worked for a salary and used his professional knowledge to support the bond issuance,” Phuong said.
According to the accusation, defendant Ho Buu Phuong was assigned to be the focal point, supervising the accounting department of companies under Van Thinh Phat Group to prepare legal documents and financial reports; coordinating with Phan Chi Luan (office staff of the group) to come up with a plan to "disburse funds" as a basis for the companies to transfer money.
According to the prosecution, Ho Buu Phuong acted as an accomplice, actively assisting Truong My Lan in issuing bonds of the companies: An Dong, Quang Thuan and Sunny World, appropriating nearly 28,000 billion VND from more than 33,000 victims.
Similar to Phuong, defendant Nguyen Phuong Anh, Deputy General Director in charge of finance of Saigon Peninsula Group, confessed to the crime as prosecuted by the People's Procuracy.
Phuong Anh stated that, under the direction of defendant Truong My Lan, she established and monitored accountants performing financial and accounting activities of "ghost" companies belonging to the SPG Company group.
In addition, under the direction of Ho Buu Phuong, the defendant used 94 individuals hired to sign fake deposit/withdrawal documents; created 5 cooperation contracts regarding An Dong Company lending SGP Company a total of more than 29,000 billion VND.
In addition, the defendant also coordinated with Phan Chi Luan to plan to promise to transfer shares to the companies: SPG, Hoang Gia Khai, Song Thu to transfer money to hired individuals to withdraw money, completing a series of transactions to flow fake money, and creating bonds.
The defendant asserted that apart from the monthly salary received, the defendant did not benefit from the bond issuance.
The criminal acts of defendant Phuong Anh helped Truong My Lan and her accomplices issue bonds of 4 companies An Dong, Sunny World, Quang Thuan and Setra, appropriating more than 30,081 billion VND of more than 35,000 victims.
According to the accusation, around August 2018, SCB Bank was inspected and audited by management agencies, so it was difficult for companies under Van Thinh Phat Group to apply for credit from SCB Bank.
Therefore, Ms. Truong My Lan met with Nguyen Tien Thanh (former Chairman of the Board of Directors and General Director of TVSI Securities Company) and key personnel to select subsidiaries of Van Thinh Phat Group to issue and illegally offer individual corporate bonds to raise money from the people.
After discussion, Ms. Truong My Lan and her subordinates agreed to choose 4 companies including: An Dong Company, Quang Thuan Company, Sunny World Company and Setra Company to issue 25 fake bond codes, worth more than 30,869 billion VND. Next, Ms. Truong My Lan and her accomplices carried out the trick of creating fake cash flow to legalize primary investors for 8 companies of Van Thinh Phat Group, by buying all the bonds of the above 4 companies and then selling them to tens of thousands of people to raise money.
Embezzling more than 30,000 billion thanks to 'ghost' bonds, Ms. Truong My Lan continues to appear in court
Ms. Truong My Lan directed her subordinates to issue 25 fake bond packages and then sell them to the people to appropriate more than 30,000 billion VND.
The court requested that the victim of Ms. Truong My Lan check the number of bonds held.
The Ho Chi Minh City People's Court has just requested the victims, people with rights and obligations related to the Truong My Lan case, to check their personal information and the number of bonds held. If they do not match, they should submit a request for adjustment.
Image of Mrs. Truong My Lan and her husband at the second phase of the Van Thinh Phat case
On the morning of September 19, the Ho Chi Minh City People's Court opened a trial for defendant Truong My Lan and 33 accomplices in phase 2 of the case that occurred at Van Thinh Phat Group, Saigon Commercial Joint Stock Bank (SCB) and related units.
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