How tycoon Hua Thi Phan took over Dai Tin Bank

The investigation results of the Ministry of Public Security determined that by June 2010, Dai Tin Bank had a charter capital of about 3,000 billion VND. The legal representatives are Mr. Hoang Van Toan (Chairman of the Board of Directors), Tran Son Nam (CEO) but theyjust a nominal manager and operator.Ms. Hua Thi Phan (Sau Phan, 71 years old) although only holding the position of Senior Advisor to the Board of Directors and Advisor to the Credit Council, has nearly 85% of the shares, so she can manipulate all activities of the bank.

Ms. Phan, through companies she established and her subordinates with relatives, bought 26 real estate properties and then bought and sold them within the group, inflating the value many times higher than the market price. She then directed the Credit Council and the Executive Board to buy them back at a total value of more than VND3,580 billion (higher than the charter capital) to embezzle and appropriate.

Inflated real estate prices 8 times when reselling to Dai Tin

Authorities said that the inflated value of the house at 5 Pham Ngoc Thach (District 3) sold to Dai Tin alone caused a loss of more than 1,105 billion VND to this bank.

The house with an area of ​​over 621 m2 was bought by Ms. Phan in 2008 for over 21,700 taels of gold (about 370 billion VND), and sold to Lam Giang Real Estate Company Limited (established by her and under the name of her son-in-law Lam Kim Dung) for 426 billion VND. This company then mortgaged it to Dai Tin to borrow money to invest in another real estate company of Ms. Phan.

In August 2011, General Director Tran Son Nam submitted a report to the Board of Directors on the purchase of the house for VND 1,268 billion. On the same day, the Board of Directors, including Chairman Toan, Ms. Phan and members including General Director Nam, Deputy Director Ngo Kim Hue (Ms. Phan's niece)... approved and transferred the money to buy the house to Lam Giang Company.

After a roundabout transfer, in February 2012, Dai Tin Bank, represented by General Director Nam, re-signed a contract to buy the house with Ms. Phan personally for 1,260 billion VND. The entire amount was transferred to Ms. Phan's account for withdrawal.

According to the September 2014 appraisal result of SIVC Company, house number 5 Pham Ngoc Thach is only worth about 181 billion VND; while the HCM City Criminal Proceedings Valuation Council is 154 billion VND.

Since the day Ms. Phan was prosecuted (March 22, 2017), the investigation agency has not been able to take her statement because the defendant is sick (supposedly lost consciousness).93% health)"However, based on the documents, evidence and confessions of other defendants, there is sufficient basis to determine that Ms. Phan took advantage of her control, regardless of the provisions of the law directing the Board of Directors and the Executive Board to buy house number 5 Pham Ngoc Thach without going through the General Meeting of Shareholders. She used all the money embezzled and appropriated from Dai Tin for personal purposes," the conclusion of the Ministry of Public Security stated.

The inspection results of Dai Tin Bank up to the end of February 2012 showed that it had accumulated losses of more than 6,000 billion VND, and negative equity of 2,850 billion VND. Therefore, more than 1,105 billion VND that Ms. Phan appropriated from falsely raising the price of the house sold to Dai Tin was people's deposits.

Currently, this amount of money cannot be recovered, so Ms. Phan and 3 accomplices including Ngo Kim Hue, Lam Kim Dung and Bui Thi Kim Loan (accountant of Phu My Company, assistant of Ms. Phan) are accused of the crime.Abuse of trust to appropriate property. Seven other defendants are members of the Board of Directors, including former Chairman Toan and General Director Nam, who were prosecuted for the act.Intentionally violating state regulations in economic management causing serious consequences.

Phuong Trang Company suddenly has a debt of thousands of billions of dong

Tycoon Sau Phan is also accused of directing Dai Tin officers and employees at the Saigon and Lam Giang branches to create documents to help her collect more than VND5,256 billion from the bank. After that, she asked Dai Tin officers to create fake payment documents to push the debt to Phuong Trang Company.

Specifically, from May 2010 to February 2012, Dai Tin disbursed a total of 83 loans and one bond issuance to Phuong Trang Investment Joint Stock Company, 18 companies and 22 individuals with cooperative relationships, with a book value of nearly VND16,500 billion. In reality, Phuong Trang Company only disbursed more than VND3,900 billion.

The investigation agency determined that Ms. Phan took advantage of the fact that this enterprise had many real estate properties in many provinces and was in need of capital to expand its business activities, directing Dai Tin to force Phuong Trang to pre-sign loan documents, disbursement documents and cash receipt documents, approving loans and disbursing without notifying Phuong Trang. Sometimes Dai Tin did not disburse, or transferred insufficient money to Phuong Trang.

Tracing the money flow, the investigation agency said that Ms. Phan took advantage of her influence while Dai Tin was facing liquidity difficulties, with only about 20 billion in cash, not enough money to disburse, directing bank staff to create fake collection documents, fake accounting on the SmartBank system, then pushing fake debt balances to Phuong Trang to offset the amount of money embezzled.

In which, Ms. Phan played the role of mastermind, directly signing 11 fake collection documents of 416 billion VND to falsely settle 3 loans. Assistant Loan signed 28 payment documents and 10 fake receipts to falsely settle 7 loans of 402 billion VND that Loan had previously borrowed for Ms. Phan to use.

In addition, there were 20 other defendants who made a series of fake documents and receipts to help Ms. Phan get Dai Tin's money to use.

Many other people were involved in Ms. Phan's violations, but the investigation agency said that they were salaried employees, following instructions from their superiors, and honestly confessed... so they were not prosecuted.

In a similar manner, Ms. Phan committed a series of other violations to embezzle money, but the Ministry of Public Security separated them to continue the investigation in the next stages.