Truong My Lan and Van Thinh Phat Group legal proceedings

Vietnamese authorities have issued supplementary investigation findings regarding financial irregularities involving BMC Construction Materials and Trading Co., Ltd., Saigon Commercial Bank (SCB), and the Van Thinh Phat Group.

Investigators found that since 2010, executives from BMC allegedly coordinated with Truong My Lan and Nguyen Thi Thu Suong, the former Chairwoman of SCB, to secure loans exceeding 4 trillion VND from Tin Nghia Bank and SCB. This was reportedly achieved by using shell companies and falsified asset contracts to bypass lending limits.

In a specific component of the case, Truong My Lan is linked to a 935 billion VND principal debt. While she is not facing new criminal charges because she is already serving a life sentence, she is required to pay significant sums to remediate losses at SCB. To address the 935 billion VND debt, an agreement was reached to use 226 land use right certificates covering 55.8 hectares in Tay Ninh province as collateral. These assets have an estimated 2025 value of approximately 2,399.4 billion VND.

The Ministry of Public Security has proposed the prosecution of 27 defendants on charges including bribery, embezzlement, and violating banking regulations.