The Ho Chi Minh City People's Court commenced a trial on 1/4 concerning a case of property appropriation fraud and violations of lending regulations. The alleged offenses occurred at Phu My Investment Joint Stock Company (Phu My Company) and the Mac Thi Buoi branch of the Vietnam Bank for Agriculture and Rural Development (Agribank), which is now known as the Saigon Center branch.

Hua Thi Phan, former Chairwoman of the Board of Directors of Phu My Company, was identified as the primary responsible party. She was accused of orchestrating the creation of fraudulent loan applications, thereby benefiting from the full amount of the loans. However, due to her death in 2023, she is not subject to prosecution.

As an accomplice, Hua Xuong, Hua Thi Phan's brother and a former Board member of Phu My Company, is currently a wanted fugitive and is being tried in absentia. Tran Hoang Trinh, the former director, and four other former Board members of Phu My Company – Hua Thi Bich Hanh, Ngo Nguyen Doan Trang, and Lam Kim Dung – are also being prosecuted for property appropriation fraud.

In connection with the case, Pham Thi Mai Toan, former Director of Agribank's Mac Thi Buoi branch, and three of her subordinates face charges of violating banking operation regulations and other banking-related activities.

Defendant Nguyen Thi Mai Toan and other individuals involved in the case.

The indictment details that in 2003, Phu My Joint Stock Company was allocated a plot of land spanning nearly 280,000 square meters in area 13D, in the former Phong Phu commune of Binh Chanh district. This land was designated for the development of the Garden City residential project. The company utilized 240,000 square meters to form a joint venture with two foreign entities for project execution. The remaining nearly 40,000 square meters had not fulfilled financial obligations and lacked land use right certificates.

Authorities determined that Phu My Company did not possess full ownership or usage rights for the entire land plot and associated assets. Furthermore, the company lacked adequate financial capacity. Despite these shortcomings, Hua Thi Phan allegedly directed relatives, acquaintances, and employees to pose as company leaders, signing meeting minutes and fabricating loan applications to secure bank funds.

Following multiple disbursements, Hua Thi Phan ultimately received nearly 250 billion VND. She repaid over 170 billion VND, leaving an outstanding debt of more than 89 billion VND. The company subsequently provided additional collateral valued at over 16 billion VND. The remaining amount, over 73 billion VND, was determined to have been embezzled.

Several leaders and officers at Agribank's Mac Thi Buoi branch were found to have approved loan applications that did not meet eligibility criteria, enabling Hua Thi Phan's group to embezzle funds.

During the procedural phase of today's trial, the bank's representative requested additional time for the Judicial Council to re-evaluate Phu My Company's supplementary assets. This re-evaluation aims to reassess the total damages, a step considered crucial for determining the defendants' responsibilities. Additionally, some lawyers requested the court to summon further individuals.

After deliberation, the Judicial Council decided to postpone the trial, rescheduling it to resume on 28/4.

Hai Duyen