Truong Hue Van, deputy CEO of An Dong and CEO of Windsor, seen at the People’s Court of Ho Chi Minh City on Oct. 17, 2024. Photo by VnExpress/Quynh Tran
Truong Hue Van, niece of property tycoon Truong My Lan, was given five years jail time on Thursday for assisting Lan in committing frauds.
Van was the deputy CEO of An Dong and CEO of Windsor, companies that were involved in a fraudulent bond scheme masterminded by Lan, judges said at the People’s Court of Ho Chi Minh City.
The court found that Lan and Van, along with their accomplices at her company Van Thinh Phat and Saigon Commercial Bank, collaborated in the illegal issuance of VND30 trillion ($1.2 billion) worth of bonds between 2018 and 2020.
Lan initiated the bond issuances to address SCB’s financial difficulties. Four subsidiaries of Van Thinh Phat, where Lan was chairwoman, issued 25 tranches of bonds to 35,800 investors, most of whom were SCB customers.
SCB staff persuaded customers to purchase the bonds, which the issuers were unable to redeem at the time of the investigation.
This is the second trial against Lan, Van and their collaborators this year.
In the first trial in April, Van was given 17 years helping her aunt embezzle VND677 trillion ($27 billion) from SCB.
Lan was given the death sentence. Both of them have appealed.
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