VietNamNet Bridge - Dang Van Thanh lost in the battle for control over Sacombank five years ago, but he has returned to business and is prospering. However, the former winner in the bank battle – Tram Be – has been sentenced to prison.

The hostile takeover of Sacombank five years ago was described as a historic deal. Dang Van Thanh had to leave the bank where he was the founder and chair of the board of directors.

Tram Be successfully merged SouthernBank and Sacombank to create an empire which was the fifth largest in the banking sector.

However, Be did not enjoy success for long. The winner in the battle unexpectedly authorized the State Bank to implement all the shareholder’s rights for his shares in Southern Bank, Sacombank and the bank after the merger.

Despite the successful takeover, Be did not have any rights in the bank after the merger. He was arrested for ‘deliberately violating current regulations on economic management, causing serious consequences’.

After Sacombank fell into Be’s hands, Thanh, a veteran banker, nearly disappeared from the business circle. While his wife focused on doing business and running sugar refineries, Thanh grew tea, raised cows and taught students.

After Sacombank fell into Be’s hands, Thanh, a veteran banker, nearly disappeared from the business circle. While his wife focused on doing business and running sugar refineries, Thanh grew tea, raised cows and taught students.

However, just two years later, Thanh made a comeback. He injected money into attractive business fields, raising Kobe cows in Lam Dong, and developing tea farms and tourism. He has also made heavy investments in Thanh Thanh Cong’s (TTC) sugar production.

Thanh’s daughter – Dang Huynh Uc My – called the ‘sugar cane princess’, has been collecting shares from sugar companies. Thanh’s family members have also acquired a controlling stake in many companies and successfully merged the companies. 

In July, SBT and BHS, the two sugar companies owned by Thanh family merged, creating a new business worth nearly $1 billion. The new business controls 30 percent of the Vietnamese sugar market.

TTC is also strong in tourism and agriculture. The group owns many 2-4 star hotels, tourism sites and resorts, mostly in the southern region.

Good luck has come to Thanh, with strong cash flow in his family-run businesses in the sugar and real estate sectors. LienViet Post Bank has approved investment worth VND500 billion in Sacomreal, a real estate company where Thanh’s family members and TTC hold the controlling stake.

Sources said Thanh had planned to return to Sacombank after Be lost ground. However, he has changed his mind.

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