Tuesday, 29 November, 2022

Vietnam property tycoon arrested for alleged fraud

Vietnam property tycoon arrested for alleged fraud

Popular News

A Vietnamese property magnate who heads up the Van Thinh Phat group is in police custody facing fraud allegations, authorities said on Saturday.

Company chairwoman Truong My Lan, 65, is married to a wealthy Hong Kong businessman and comes from "one of Vietnam's richest families", according to state media.

Van Thinh Phat was founded in 1992 and its property portfolio includes high-end hotels, restaurants and luxury apartments.

Police detained the financier on Friday and are investigating allegations of "illegally issued and traded company bonds" in 2018 and 2019, the public security ministry said in a statement Saturday.

Three other high-ranking executives at the company were also arrested over the same accusations.

The investigation is continuing and the group's "assets will be resolutely confiscated", the statement said.