Representatives from two foreign companies have visited the detention center to meet with Truong My Lan and committed to contributing USD 3 billion to support Van Thinh Phat Group’s efforts to remedy the consequences of the SCB case and restructure the bank.

With permission from the Ministry of Public Security, on June 18 at Detention Center T17, convicted businesswoman Truong My Lan (Chairwoman of Van Thinh Phat Group) held a working session with representatives from two German companies: Fortlane Partners and Asset Capital.

The meeting focused on discussing feasible proposals for asset resolution and damage compensation related to the high-profile case involving Truong My Lan and her accomplices. Also present were representatives from Van Thinh Phat Group and two legal counsels.

During the session, Fortlane Partners and Asset Capital pledged to contribute USD 3 billion in collaboration with Van Thinh Phat Group to help remedy the consequences and support the restructuring of Saigon Commercial Bank (SCB), aiming to maximize asset recovery and mitigate damages caused by the scandal.

Both companies presented their credentials, outlining their extensive experience in asset resolution and restructuring across various international markets.

In response to their proposal, Truong My Lan and Van Thinh Phat Group requested that both foreign partners provide verifiable proof of capital sources for the proposed asset resolution and SCB restructuring plan.

According to the discussion, USD 1 billion would be allocated for repaying bondholders involved in phase two of the case, while USD 2 billion would be used for SCB's restructuring.

Once capital proof is submitted, the stakeholders will submit the proposal to the relevant state authorities to obtain approval. The goal is to expedite reimbursement to bondholders and accelerate asset processing, SCB restructuring, and fund recovery for the state as swiftly as possible.

The two German companies agreed to all the requests made by Truong My Lan and Van Thinh Phat Group, contingent upon approval by competent state authorities. Additionally, assets equivalent to the USD 3 billion commitment must be secured as collateral to support the SCB restructuring and damage compensation efforts.

Thanh Phuong