Thanh, 71, former chief executive officer (CEO), and his daughters, Tran Uyen Phuong, 43, former deputy CEO of Tan Hiep Phat Trading and Service Co., Ltd, and Tran Ngoc Bich, 40, will be prosecuted for abusing trust to fraudulently appropriate assets under Article 175.4 of the Penal Code.

The legal proceedings are scheduled to take place from April 23 to 24. The court will summon four victims, Dang Thi Kim Oanh, Nguyen Van Chung, Lam Son Hoang, Nguyen Huy Dong, and 35 organizations and individuals with related interests and obligations.

According to the indictment, Thanh and his daughters provided loans to individuals and businesses at an interest rate of around 3% per month. Instead of formal loan agreements, they coerced borrowers into signing share transfer contracts or assignment of project contracts to conceal their lending activities. The values of the projects and properties stated in the contracts were significantly lower than market prices.

After the borrowers transferred their assets, Thanh instructed his daughters to transfer ownership of these assets to him. When borrowers fulfilled their payment obligations according to the signed agreements, Thanh refused to return their assets, alleging contract violations or demanding additional payments.

The investigation found that between January 2019 and November 2020, Thanh and his daughters misappropriated assets from four individuals, totaling more than VND1,048 billion, according to the investigation agency.

Saigon Times