Several businesses linked to Van Thinh Phat Group are grappling with a huge debt burden amounting to VND52.4 trillion, the Ministry of Finance said.

Truong My Lan, Chairwoman of property developer Van Thinh Phat Group, was sentenced to death at the first-instance trial in Ho Chi Minh City on April 11.

The business run by Truong My Lan and her family, the president of Van Thinh Phat Group, holds 93.6 percent of the Daewoo Hanoi Hotel stake. The hotel is among the most valuable in Vietnam and has changed hands many times.

Truong My Lan, chairwoman of real estate developer Van Thinh Phat, is facing death penalty for bribery, violating bank regulations and embezzlement, which is considered the largest financial scandal in Southeast Asia.

During an ongoing trial in HCM City, the 68-year-old real estate tycoon said she would use her personal assets, excluding those seized and frozen by the police, to resolve the consequences of the fraud case if found guilty.

The chairwoman of major developer Van Thinh Phat went on trial Tuesday along with dozens of others, accused of embezzling US$12.5 billion in Vietnam's largest financial fraud case.

The Ho Chi Minh City People's Court on March 5 began the first-instance trial on a major case involving property developer Van Thinh Phat Group, Saigon Commercial Bank (SCB) and relevant units.

The police agency transported all 81 defendants involved in the case at Van Thinh Phat Group, SCB, and associated entities and organizations to HCMC for trial on February 21.

The trial of Truong My Lan, chairwoman of property developer Van Thinh Phat accused of bribery, violating bank regulations and embezzlement at the Saigon Commercial Joint Stock Bank (SCB) will begin on March 5 at HCM City People’s Court.

Nguyen Van Nen, secretary of the city Party Committee, said it is important to also complete the trial of Truong My Lan this year since the case has caused public anger.

The police are scouring the country for over 42,000 victims of a massive bond fraud thought to involve VNĐ30 trillion (US$1.24 billion) by property developer Vạn Thịnh Phát.

The Ministry of Public Security is currently investigating whether Truong My Lan, chairwoman of Van Thinh Phat Holdings Group Corporation, was involved in money laundering and embezzlement at Saigon Commercial Bank (SCB).

The Supreme People's Procuracy has issued an indictment against Truong My Lan, chairwoman of property developer Van Thinh Phat Group, and 85 others in a case that occurred at Van Thinh Phat Group, SCB and other relevant units and organisations.

The $5.2 million bribe in Van Thinh Phat case is possibly the biggest ever cash bribe case. But the case is just ‘part of the iceberg’, as there are still ‘many parts underwater’.

When manipulating banking operations, Chairwoman of the Board of Directors of Van Thinh Phat Group Truong My Lan received help from 3 foreigners, as stated by the Investigation Police Agency (C03 – under the Public Security Ministry).

Police said they recommend that inspectors at the State Bank of Vietnam (SBV) be charged with accepting bribes of up to US$5.2 million from Saigon Joint Stock Commercial Bank (SCB).

In August 2017, the State Bank of Vietnam’s inter-agency inspection team was established to audit the Saigon Joint Stock Commercial Bank (SCB), encompassing its main headquarters and 12 branches.

Truong My Lan, chairwoman of Van Thinh Phat Group, has been accused of orchestrating Saigon Commercial Bank’s (SCB) operations so as to embezzle US$12.36 billion equivalent from the privately-held bank.