Nguyen Thien Nhan, former Chairman of Thai Thinh Capital Joint Stock Company (TTC group), along with three other individuals, face charges related to violating banking regulations. They are accused of causing over 3,100 billion VND in damages to Dong A Commercial Joint Stock Bank (DAB) by misusing loans obtained through four companies.
The Supreme People's Procuracy (VKSND Toi cao) recently finalized an indictment detailing the actions of Nhan, Nguyen Ngoc Minh, former General Director of Thai Thinh Da Lat Capital Joint Stock Company (TTC Da Lat), Nguyen Thanh Thuy, Chairman of Le Minh MC Joint Stock Company, and Nguyen Dac Hiep, Chairman of Lam Vien Company. All face charges of violating banking regulations and other related activities.
Nhan, accused of masterminding the scheme, and Minh are currently fugitives. The VKSND Toi cao urges the defendants to surrender to receive leniency under the law.
The indictment details Nhan's discussions and agreement with Tran Phuong Binh, the deceased former General Director of DAB, to use bank loans for debt rolling. Nhan directed subordinates and related individuals to sign loan applications, enabling him to misuse the borrowed funds. Authorities determined Nhan acted as an accomplice to Binh, causing over 3,153 billion VND in damages to DAB.
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Nguyen Thien Nhan (right) and Nguyen Ngoc Minh are fugitives. Photo: Ministry of Public Security
The investigative agency asserts that the assets used as collateral for the loans lacked sufficient value or failed to meet legal mortgage requirements. Following these actions, Nguyen Thien Nhan fled his residence.
Regarding Nguyen Ngoc Minh, investigators determined that he followed Nhan's directives. Minh used the legal entity of TTC Da Lat Company to secure a 210 billion VND loan from DAB, facilitating Nhan's misuse of the funds. This action caused over 527 billion VND in damages to DAB by the time the case began.
Similarly, the VKSND Toi cao determined that Nhan directed Nguyen Thanh Thuy to use the legal entity of Le Minh Company and individuals to sign three loan applications at DAB, totaling 737 billion VND. These loans enabled Nhan to misuse the funds, causing over 1,557 billion VND in damages to DAB. The investigative agency alleges that Nguyen Thanh Thuy acted as an accomplice to Binh and Nhan in causing these damages.
Regarding Nguyen Dac Hiep, authorities accuse him of following Nhan's directives, using Lam Vien Company's legal entity to prepare loan applications and business plans to borrow nearly 320 billion VND from DAB. Nhan subsequently misused these funds, causing over 212 billion VND in damages to DAB.
Related to this case, the People's Court of Ho Chi Minh City tried some DAB leaders and employees for their violations in disbursing loans to the TTC group in 2020. The High-Level People's Court in Ho Chi Minh City heard the appeal in 2022.
Hai Duyen
