Vietnam police are seeking assistance from investors in an ongoing investigation into real estate firm Van Thinh Phat Holdings Group that allegedly defrauded and appropriated more than 30 trillion dong (US$1.2 billion - RM5.66 billion), according to a statement on the government’s website.
The Ministry of Public Security detained the company’s Chairwoman Truong My Lan last year for allegedly obtaining property through fraudulent means.
The investigation occurs as the country’s regulators also grapple with a property debt crisis that is weighing on the nation’s economy. Vietnam’s property sector woes raise risks for banks as real estate companies become less able to service debt, according to Moody’s Corp. The State Bank worked to restore to secure the bank’s operations, replacing its board and reassuring customers that their deposits were safe. The regulator on Sept. 22 announced it appointed Phan Dinh Dien, a former member of the board of directors for Vietnam Bank for Agriculture and Rural Development, as SCB’s new chairman.
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