Brian Jeffrey
Delegates from two international firms have recently toured the detention facility to confer with Truong My Lan, committing to invest USD 3 billion to assist the Van Thinh Phat Group in addressing the repercussions of the SCB affair and in the bank’s restructuring process.
With the approval of the Ministry of Public Security, on June 18 at Detention Center T17, the imprisoned entrepreneur Truong My Lan, who heads the Van Thinh Phat Group, engaged in discussions with delegates from the German companies Fortlane Partners and Asset Capital.
The meeting aimed to explore viable strategies for addressing asset management and compensating damages stemming from the high-profile case involving Truong My Lan and her associates. Representatives from the Van Thinh Phat Group and legal advisors were also in attendance.
Throughout the discussion, Fortlane Partners and Asset Capital made a commitment of USD 3 billion in partnership with Van Thinh Phat Group to assist in alleviating the fallout and undertaking the restructuring of Saigon Commercial Bank (SCB), focusing on optimizing asset recovery and reducing the damages incurred by the incident.
Both firms showcased their qualifications, detailing their substantial expertise in asset management and restructuring within various global markets.
In light of their proposal, Truong My Lan and the Van Thinh Phat Group asked the foreign partners to furnish verifiable documentation of their capital sources for the asset resolution and SCB restructuring initiative.
The discussions indicated that USD 1 billion would be designated for compensating bondholders involved in the second phase of the case, while the remaining USD 2 billion would support the restructuring of SCB.
Upon receipt of the required proof of funds, the stakeholders will forward the proposal to the relevant state authorities for approval. The aim is to hasten the repayment to bondholders and accelerate the asset management, restructuring of SCB, and recovery of funds for the state as quickly as possible.
The German firms accepted all requests from Truong My Lan and the Van Thinh Phat Group, contingent on approval from the appropriate government entities. Additionally, assets matching the USD 3 billion commitment must be pledged as collateral to facilitate the SCB restructuring and compensation processes.
