Vạn Thịnh Phát fraud trial to begin next month in HCM City

HCM CITY — The trial of Trương Mỹ Lan, chairwoman of property developer Vạn Thịnh Phát 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. HCM City authorities have stored six tonnes of documents related to the case for lawyers to examine. Police are seeking an estimated 42,000 victims of a massive bond fraud by Vạn Thịnh Phát. Vạn Thịnh Phát Co., Ltd. operates in commerce, hospitality, and real estate and owns major projects and buildings in prime locations in HCM City. Experts said it will take the government three to five years to address all problems related to the Vạn Thịnh Phát-SCB scandal.