Vietnam’s anti-corruption campaign continues to take down high-profile business figures, as the country’s top soft drinks tycoon, Tran Qui Thanh, has been sentenced to eight years in prison for a $40 million fraud case. A court in Ho Chi Minh City found Thanh and his two daughters guilty of scamming investors over loans issued in 2019 and 2020. Thanh, the 71-year-old chairman of beverage group Tan Hiep Phat, was found to have masterminded scams to appropriate assets put up as collateral against loans. Even when the borrowers paid back the money with interest, Thanh would refuse to return the assets on various pretexts. The court sentenced Thanh’s 43-year-old daughter, Tran Uyen Phuong, the company’s deputy CEO, to four years in jail. Younger daughter, Tran Ngoc Bich, 40, was given a suspended three-year jail sentence.
Tan Hiep Phat is one of Vietnam’s biggest beverage companies, known for its range of bottled tea and energy drinks. In his final words before court, Thanh expressed regret for his actions and said he was ready to take responsibility. However, he also requested leniency, asking for a chance to return to society and continue his work.
Thanh’s sentencing is the latest in a series of high-profile corruption cases in Vietnam. 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 caused losses estimated at $27 billion. In March, a Hanoi court sentenced luxury property tycoon Do Anh Dung to eight years in prison for cheating thousands of investors in a $355 million bond scam.
Vietnam’s sweeping crackdown on corruption has seen more than 4,400 people charged with criminal offenses, including officials and senior business figures. The government has vowed to continue its efforts to root out corruption and ensure that all citizens are held accountable for their actions, regardless of their position or wealth.
