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Vietnam court jails soft drinks tycoon in $40 million scam case

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Agence France-Presse

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171402696560420240425-tran-qui-thanh-vietnam-AFP-.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Vietnamese soft drink boss Tran Qui Thanh (C) looks on at a court in Ho Chi Minh City on April 25, 2024. - Vietnamese soft drinks tycoon Tran Qui Thanh appeared in court on April 25 in a 40 million USD fraud case -- the latest high-profile business figure snared in the country&#x27;s wide-ranging crackdown on corruption. <em>AFP </em></span> </span></span></span></div><div><br/></div><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Vietnam&#x27;s top soft drinks tycoon was jailed for eight years on Thursday in a $40 million fraud case -- the latest high-profile business figure snared in the country&#x27;s sweeping crackdown on corruption.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The communist nation&#x27;s wide-ranging campaign to wipe out endemic graft has seen more than 4,400 people charged with criminal offences, including officials and senior business figures.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">A court in Ho Chi Minh City found Tran Qui Thanh and his two daughters guilty of scamming investors over loans issued in 2019 and 2020.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Thanh, the 71-year-old chairman of beverage group Tan Hiep Phat, was ruled to have masterminded scams to appropriate assets put up as collateral against loans, state media reported.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Even when the borrowers paid back the money with interest, Thanh would refuse to give back the assets on various pretexts, including claiming they had forfeited their repurchase rights due to contract breaches.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">The court sentenced Thanh&#x27;s 43-year-old daughter Tran Uyen Phuong, the company&#x27;s deputy CEO, to four years in jail.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Younger daughter Tran Ngoc Bich, 40, was given a suspended three-year jail sentence.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Tan Hiep Phat is one of Vietnam&#x27;s biggest beverage companies, known for its range of bottled tea and energy drinks.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In his final words before court, Thanh said he regretted what happened and was ready to take responsibility.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">&quot;I would like to be given leniency, handing me the chance to come back to society soon for my continued work and devotion,&quot; Thanh was quoted as saying.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Some of Vietnam&#x27;s most successful business leaders have been snared in the graft purge.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In one of the biggest fraud cases in history, property tycoon Truong My Lan was sentenced to death earlier this month for masterminding a swindle that has caused losses estimated at $27 billion.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">Facing justice with Lan were 85 others, including senior banking officials, being sentenced on charges ranging from bribery and power abuse to appropriation and violations of banking law.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">In March, a Hanoi court gave luxury property tycoon Do Anh Dung eight years in prison for cheating thousands of investors in a $355 million bond scam.</p><p style="margin:1em 0px;padding:0px;border:0px;-webkit- text-size-adjust:100%;box-sizing:border-box;line-height:1.3;letter-spacing:normal;color:rgb(0, 0, 0);orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">State media reported that Dung and his son, who was jailed for three years, have already repaid the $355 million.</p><div><a href="https://news.abs-cbn.com/business/2024/4/11/vietnam-tycoon-sentenced-to-death-in-12-5-billion-fraud-case-757">Vietnam tycoon sentenced to death in $12.5-B fraud case</a></div><div><strong>© Agence France-Presse</strong></div><div><br/></div><div><br/></div>

<p>Vietnam's top soft drinks tycoon was jailed for eight years on Thursday in a $40 million fraud case -- the latest high-profile business figure snared in the country's sweeping crackdown on corruption.</p>

Vietnam's top soft drinks tycoon was jailed for eight years on Thursday in a $40 million fraud case -- the latest high-profile business figure snared in the country's sweeping crackdown on corruption.