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CEO receives $61M bonus from chairwoman of Van Thinh Phat Truong My Lan

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Truoc, aged 41, is scheduled for trial in HCMC on March 5 with 85 others, facing embezzlement charges.

In April 2021, Lan proposed selling a VND2.5 trillion property project in District 2 (now part of Thu Duc City) to Truoc’s company. Established in 2002, his company, Tuong Viet provides generator systems, elevators, wooden furniture, and is active in the real estate market.

Truoc has known Lan since the end of 2020.

However, Truoc did not need to pay from his own pocket and instead was told to register a VND3.5 trillion loan from lender Saigon Commercial Bank (SCB) and use the loan to pay for the 7,000-square-meter apartment project.

SCB, which was merged from three lenders by Lan, approved the loan and disbursed it to two subsidiaries of Tuong Viet.

Duong tan truoc (r) seen at a company event in early 2022. Photo courtesy of tuong viet

Duong Tan Truoc (R) seen at a company event in early 2022. Photo courtesy of Tuong Viet

The money was then moved between many different accounts, but all were under Lan’s control.

As of October 2022 (when the Ministry of Public Security initiated an investigation on Lan and SCB), the two subsidiaries still owed SCB VND3.5 trillion in debt and VND589 billion interest.

Truoc also helped Lan to acquire permits for two property projects, including the Mui Den Do residence and park with a total registered capital of $6 billion.

For his work, Truoc received a bonus of VND1.5 trillion which was disbursed as loans from SCB to TuongViet under Lan’s command.

The police said that after the value of collaterals are deducted, Truoc’s companies helped Lan steal VND4.75 trillion and VND605 billion in interest from SCB.

Lan, chairwoman of property developer Van Thinh Phat, has been charged with bribery, violating bank regulations and embezzlement.

From 2012 to 2022, Lan’s inner circle stole VND304 trillion from SCB as loans. With interest, the total loss that Lan and her accomplice has caused SCB is over VND415 trillion.

Eighty-five other people have been charged with similar crimes, along with “abuse of power and position while performing official duties” and “lack of responsibility causing serious consequences.”

The accused include 45 former leaders of SCB, 15 former State Bank of Vietnam officers, three Government Inspectorate officers, and one former officer from the State Audit Office.

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