The Ministry of Public Security detained the company’s Chairwoman Truong My Lan last year for allegedly obtaining property through fraudulent means. The arrest of Lan and other company officials, who were believed to have connections with Saigon Commercial Bank, also known as SCB, led to a brief bank run on the lender.
Privately-held Van Thinh Phat, which has held prime land in the nation’s commercial hub of Ho Chi Minh City, also invests in financial services, according to its website last year. Police have said they were looking into Lan’s relationship to the issuance and trading of bonds of some companies where trillions of dong were allegedly appropriated in 2018 and 2019.
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