**Quoc Cuong Gia Lai Adjusts Debt to Accused Truong My Lan in Land Compensation Dispute**
Quoc Cuong Gia Lai (QCGL) has revised its debt settlement with accused Truong My Lan, adjusting the sum payable to over VND 1.441 billion. The remaining amount will be deducted from previous payments made by Ms. Lan’s company.
In the first instance verdict, the court mandated QCGL to fully refund Ms. Lan’s payments totaling over VND 2.8 trillion, ensuring her sentence execution.
Additionally, 16 properties totaling approximately 1 hectare in Phuoc Kien, Nha Be district, were seized and handed over to the Ministry of Public Security for further investigation in the case’s second phase.
Accused Truong My Lan at the first instance hearing.
The property seizures and денежные средства stem from the Bac Phuoc Kien Residential Area project, spanning nearly 92 hectares in Phuoc Kien, Nha Be, Ho Chi Minh City, with QCGL as the primary investor.
In March 2017, despite incomplete land acquisition, QCGL signed a “promise to buy and sell” contract for the project with Sunny Island Investment JSC., a subsidiary of the Van Thinh Phat corporation. The project was valued at VND 4.8 trillion.
According to the agreement, Sunny Island was obligated to pay the full amount to QCGL by September 10, 2017. In exchange, Sunny Island would hold the project’s land documents, covering a total area of 65 hectares, which the investor had already compensated for.
At the time of the deadline, Sunny Island had paid QCGL VND 2.882 trillion.
Believing that Sunny Island had breached its payment obligations, QCGL terminated the contract in March 2018 and requested the return of the land documents but was denied by Sunny Island. In December 2020, QCGL filed a lawsuit against Sunny Island with the Vietnam International Arbitration Center (VIAC).
As QCGL awaited VIAC’s decision, Sunny Island filed a complaint with the Ho Chi Minh City Police Department, alleging that QCGL sold the project without completing compensation payments.
However, during the investigation of Sunny Island’s claim, the Ho Chi Minh City People’s Court received information from the Ministry of Public Security that the entire compensation documentation for the 65-hectare portion of the Bac Phuoc Kien Residential Area project was considered evidence in a separate case involving the Van Thinh Phat Group.
The required reimbursement of over VND 2.8 trillion would represent approximately 28% of QCGL’s total assets.
In total, 22 individuals have filed appeals related to the case, including: Truong My Lan, Truong Khanh Hoang, Bui Anh Dung, Vo Tan Hoang Van, Do Thi Nhan, Nguyen Thi Phi Loan, Chu Lap Co (Ms. Lan’s husband), Tran Thi My Dung, Le Khanh Hien, Le Thanh Ha, Nguyen Thi Phung, Truong Hue Van (Ms. Lan’s niece), Nguyen Duy Phuong, Phan Tan Trung, Nguyen Ngoc Tu, Mai Hong Chin, Pham Van Phi, Nguyen Cuu Tinh, Nguyen Tuan Anh, Duong Tan Truoc, Dao Chi Kien, and Nguyen Thanh Tung.
Among the appellants, most requested reduced sentences, except for Truong My Lan, who appealed the entire first instance verdict, and Nguyen Thanh Tung (former Chairman of the Board of Directors of Dong Phuong Oil and Gas JSC.), who appealed to avoid involvement in the compensation related to Dong Phuong Oil and Gas JSC.
Nguyen Cao Tri (54 years old), former Chairman of the Board of Directors of Van Lang Corporation and Capella Corporation, who was previously sentenced to 8 years in prison for abuse of trust and misappropriation of property, has also appealed for a reduced sentence.
Saigon Thuong Tin Commercial Bank (SCB) has filed an appeal, while T&H Ha Long Joint Stock Company and Au Lac Quang Ninh Company Limited have appealed the amount to be paid to Truong My Lan.
