Chu Thi Thanh, a prominent figure in Vietnam's oil industry and chairwoman of Thien Minh Duc Group, has been indicted on two serious charges: embezzlement and the illegal sale of invoices. The Supreme People's Procuracy has issued an indictment against the 66-year-old businesswoman, who is alleged to have played a central role in a scheme that defrauded the state out of substantial funds.

According to the indictment, Thien Minh Duc Group was established in 2001, with Chu Thi Thanh owning 77.15% of the company’s shares, while her son, Chu Dang Khoa, known as “Diamond Khoa,” holds 22.77%. The company was authorized to operate as a wholesaler in the oil sector and managed its price stabilization fund through accounts at BIDV and Vietcombank.

In early 2020, as the COVID-19 pandemic severely impacted the oil business, Thanh allegedly directed her subordinates to sell fuel without issuing value-added invoices, at prices lower than those of documented sales. This maneuver was intended to generate immediate revenue for reinvestment into projects while avoiding high contributions to the price stabilization fund during peak periods.

The indictment reveals that Thien Minh Duc sought customers interested in purchasing invoices, allowing the company to issue false documentation during times when it could access the price stabilization fund. This practice not only legitimized the sale of fuel without invoices but also facilitated the withdrawal of funds from the stabilization fund.

Furthermore, the company charged fees for issuing these false invoices, ranging from 300 to 500 VND per liter of fuel. Payments from customers for fuel sold without invoices were disguised as capital contributions from Chu Thi Thanh or her son.

To conceal their actions, Thanh and her co-defendants allegedly submitted monthly reports regarding the price stabilization fund, which contained inaccurate data about the actual volume of fuel sold. The authorities have determined that Thanh was the mastermind behind the scheme, which resulted in the embezzlement of over 79 billion VND from the price stabilization fund, alongside the issuance of 153 false invoices that generated illicit profits exceeding 20 billion VND.

During the investigation, Thanh and her co-defendants have reportedly returned over 100 billion VND to rectify the financial damage caused, with Thanh contributing more than 99 billion VND herself.