If found guilty, Thanh, 71, Tran Uyen Phuong, 43, who is also deputy CEO of Tan Hiep Phat, and Tran Ngoc Bich, 40, face prison sentences of 12-20 years.
Between January 2019 and November 2020 the trio provided loans to many people at an interest rate of 3% per month. But instead of loan contracts, they allegedly coerced them into signing sale contracts at prices significantly lower than the actual value of the collateral.
Even when the borrowers paid back the money with interest, Thanh would use different reasons to not give back the assets he took. When the loans were repaid in full, Thanh reportedly refused to return the assets to the borrowers, claiming they had forfeited their repurchase rights due to contract breaches.
The trio is accused of misappropriating assets from four individuals, including two property projects and 35 land lots, amounting to a total of VND1.048 trillion.
Throughout the investigation, they denied the accusations. The prosecution said Thanh was the mastermind and his daughters followed his instructions. Thanh and Phuong were arrested in April 2023, while Bich remained out of custody.
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