The Van Thinh Phat case, a major financial scandal that has gripped Vietnam, has taken another turn. While the key players, including Truong My Lan, face trial for fraud and money laundering, questions linger about the 46 Saigon Commercial Bank (SCB) employees who escaped prosecution.
A Deeper Look into the Van Thinh Phat Case
The People’s Court of Ho Chi Minh City is currently hearing the second phase of the Van Thinh Phat case, focusing on charges of fraud and asset appropriation through bond issuance. Central to the case is Truong My Lan, along with 33 other defendants. However, the spotlight has also fallen on 46 SCB employees linked to the case who were not subject to criminal prosecution.
The Elusive Trail of Accountability
The investigation, led by former SCB General Director Vo Tan Hoang Van, revealed that Tran Thi Minh Thao, the former Deputy Director of Retail Banking at SCB, collaborated with Tan Viet Securities to develop training materials for over 2,000 sales staff across 239 SCB branches nationwide. The objective? To instruct them on selling bonds.
Here’s where it gets murky:
- Lack of Awareness?: Thao claims to be unaware that Truong My Lan’s bond issuance scheme violated regulations. The training materials, she states, aligned with the bank’s standard sales procedures for all products, with no intent to mislead customers into buying bonds.
- Following Orders?: Similarly, 45 SCB employees involved in issuing fictitious money transfer orders at branches in Saigon and Ben Thanh confessed to their actions. However, they argue they were merely following orders, unaware of the illegal bond issuance scheme. Their claims of being “low-level employees” who did not profit from the scheme, coupled with their cooperation during the investigation, led to the decision to not pursue charges.
More Questions Than Answers
The case also involves:
- Hired Representatives: 15 individuals, listed as legal representatives and chief accountants of four bond-issuing companies, were found to be hired by Van Thinh Phat Group companies for a fee.
- Hired Signatories: 115 individuals hired by Van Thinh Phat Group to sign deposit and withdrawal vouchers, creating a flow of fictitious capital for the four companies issuing bonds.
Both groups claimed ignorance about the illegal bond issuance, stating they were simply following instructions for a salary. Their lack of stable employment, their cooperation with the investigation, and the perception that they were unaware of the illegal nature of their actions resulted in their exemption from prosecution.
Public Scrutiny and the Need for Transparency
The decision to not prosecute the SCB employees has sparked debate, raising questions about potential loopholes in accountability within the Vietnamese financial system. Many are left wondering if justice is being served, and if those who indirectly facilitated this large-scale fraud are escaping the consequences of their actions.
As the Van Thinh Phat case continues to unfold, the public awaits a resolution that will hopefully shed more light on the circumstances surrounding these controversial decisions and provide a clearer understanding of the extent of accountability within the Vietnamese financial sector.
