Vietnam’s Top Soft Drinks Tycoon Sentenced to Eight Years in $40m Fraud Case

Vietnam’s Top Soft Drinks Tycoon Sentenced to Eight Years in m Fraud Case

Tran Qui Thanh, the 71-year-old chairman of beverage group Tan Hiep Phat, has been sentenced to eight years in prison for his involvement in a $40 million fraud case. Thanh, along with his two daughters, Tran Uyen Phuong and Tran Ngoc Bich, were found guilty of scamming investors over loans issued in 2019 and 2020. This high-profile case is part of Vietnam’s ongoing crackdown on corruption, which has seen over 4,400 individuals charged with criminal offenses, including officials and senior business figures.

According to state media reports, Thanh was the mastermind behind schemes to appropriate assets used as collateral against loans. Even when borrowers repaid the money with interest, Thanh refused to return the assets, citing various pretexts such as contract breaches. The court also sentenced Thanh’s 43-year-old daughter, Tran Uyen Phuong, who serves as the company’s deputy CEO, to four years in jail. His younger daughter, Tran Ngoc Bich, received a suspended three-year jail sentence.

Tan Hiep Phat, one of Vietnam’s largest beverage companies known for its bottled tea and energy drinks, has been embroiled in this scandal. Thanh, in his final words before the court, expressed regret for his actions and stated his readiness to take responsibility. He appealed for leniency, hoping to return to society soon to continue his work and devotion.

This case adds to the list of prominent business leaders caught in Vietnam’s corruption purge. Truong My Lan, a property tycoon, was recently sentenced to death for orchestrating a massive swindle that caused estimated losses of $27 billion. Alongside Lan, 85 others, including senior banking officials, faced justice and received sentences for various charges related to bribery, power abuse, appropriation, and violations of banking law. In another case, luxury property tycoon Do Anh Dung was sentenced to eight years in prison for defrauding thousands of investors in a $355 million bond scam.

CrimeDoor
Author: CrimeDoor

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