Chu Thi Thanh, aged 66, the chairwoman of Thien Minh Duc Corporation, has been officially indicted for allegedly embezzling 79 billion VND from the fuel price stabilization fund. The Supreme People's Procuracy has issued an indictment against her, citing charges of "asset embezzlement" and "illegal invoicing and documentation for tax evasion." This case has drawn significant attention due to Thanh's prominence in the oil business and her familial ties to Chu Dang Khoa, known as the 'diamond tycoon.'

In addition to Thanh, 22 other defendants have also been indicted for various offenses related to asset embezzlement, tax evasion, and illegal invoicing. The indictment specifies that Thien Minh Duc Corporation, established in 2001, operates in various sectors including oil, liquefied gas, real estate, logistics, and hospitality. By late August 2023, the company’s charter capital had exceeded 2 trillion VND, with Thanh holding 77.15% of the shares and Khoa 22.77%.

The investigation revealed that due to the COVID-19 pandemic's impact on the oil business, Thanh directed her subordinates to sell fuel without issuing VAT invoices at prices lower than those with invoices. This strategy was aimed at quickly generating cash for company investments while avoiding contributions to the fuel price stabilization fund (BOG).

Furthermore, Thanh instructed her team to find customers willing to purchase fuel without invoices, allowing the company to withdraw funds from the BOG. From 2020 to 2022, Thien Minh Duc sold nearly 78.4 million liters of fuel worth over 1.056 trillion VND without issuing VAT invoices, resulting in an evasion of more than 67.3 billion VND in BOG contributions.

Additionally, the company reportedly issued 153 fraudulent invoices for 21 companies, corresponding to over 72 million liters of fuel valued at nearly 842 billion VND, resulting in illicit gains exceeding 20 billion VND. Throughout the investigation, Thanh and other defendants have reportedly compensated over 100 billion VND to rectify the damages caused by their actions, with Thanh contributing more than 99 billion VND.

This case highlights significant issues within the fuel industry and raises concerns about regulatory compliance and corporate governance in Vietnam.