One of the bright spots of former Minister of Public Security To Lam, in his role as an effective assistant to the late General Secretary Nguyen Phu Trong, was highly appreciated by the public – that was the decision to investigate the case of Van Thinh Phat Group of Chairwoman Truong My Lan.
Since 2011, this major case has had documents confirming that Lan bribed then Minister of Public Security Tran Dai Quang and Permanent Deputy Minister of Public Security Pham Quy Ngo millions of USD to intervene in the conversion of the function of Khanh Hoi port, in District 4, Saigon.
According to insiders, previously, the Van Thinh Phat case had a “China factor.” Specifically, Chairwoman Lan had a relationship with former Chinese Minister of Public Security Zhou Yongkang, forcing General Secretary Trong to turn a blind eye.
This is also one of the reasons why, for a long time, from 1992 until she was prosecuted and arrested in October 2022, Lan and her backer – former Secretary of Ho Chi Minh City Le Thanh Hai, caused a stir, embezzling tens of billions of USD, but remained safe.
Recently, on October 4, the state-controlled media reported that the People’s Court of Ho Chi Minh City continued the second-instance trial of the case of Van Thinh Phat Group and SCB Bank. The People’s Procuracy of HCM City announced the indictment. Accordingly, the defendant Lan was recommended to be sentenced to life in prison.
However, the above verdict against defendant Lan is considered completely meaningless, because she was sentenced to death in the first instance trial in April 2024. It is expected that on October 19, the court will announce the verdict in this case.
According to the indictment, in the second phase of the Van Thinh Phat case, defendant Lan was accused of directing her subordinates to “launder” nearly $18 billion, withdrawn from SCB Bank, and illegally transferring $4.5 billion across the border.
In the trial on October 4, defendant Lan affirmed that she would return the money to the bondholders. She declared: “Don’t worry about me turning around, I promise I will do it, until now I have still compensated the bondholders for the damage.”
The violations of Van Thinh Phat Group, SCB Bank, and Lan – in the role of Chairwoman of the Board of Directors of the Group, have been going on for a very long time, about more than 20 years.
According to international analysts, this is a corruption case that has caused unprecedented damage. If this case is investigated completely independently and thoroughly, then surely, many high-ranking Party officials will have to stand trial.
An unusual reaction by the Chairman of the Vietnam Fatherland Front, Do Van Chien, is considered to be “adding fuel to the fire”, when he made the statement: “The people are angry, sad, and resentful, because of the acts of corruption, thousands of billions of dong have been smuggled abroad, but no one is responsible.”
According to international analysts, Vietnam’s anti-corruption agency has not dared to open the “fish sauce jar” called Van Thinh Phat, owned by the tycoon Truong My Lan.
The Vietnamese government’s decision to inject up to $24 billion to rescue SCB Bank shows that the Vietnamese leadership in general and General Secretary To Lam in particular have clearly recognized the danger, as well as to avoid a chain financial crisis.
If SCB Bank is not rescued, the Party’s senior leadership will “die” as well.
Will tycoon My Lan escape the death penalty, and will General Secretary To Lam dare to decide on the death penalty, regardless of the “China factor”?
Tra My – Thoibao.de
