On July 3, Ho Chi Minh City police prosecuted and arrested Dinh Chi Minh, Chairman and General Director of Housing Development and Trading Corporation (HDTC), for embezzlement. Minh is the older brother of Dinh Truong Chinh, former HDTC Chairman who was previously arrested and charged with abuse of power and embezzlement.
Dinh Chi Minh. (Photo: HDTC)
Following Chinh’s arrest, HDTC amended its business registration, transferring the role of Chairman and legal representative from Chinh to Minh.
Housing Development and Trading Corporation (HDTC) was formerly known as Housing Development and Trading Limited Company, a state-owned enterprise under Saigon Real Estate Corporation (RESCO).
In late 2015, the Ho Chi Minh City People’s Committee approved the conversion of the limited company into HDTC, with the city government holding 30% of the charter capital. Dinh Truong Chinh was appointed as the Chairman of the Board of Directors.
After privatization, HDTC failed to honor land sale contracts signed by its predecessor company with customers decades ago. In some cases, the land had already been sold to other buyers, leading to complaints and accusations from aggrieved customers.
In late October 2023, Dinh Truong Chinh was arrested and charged with violating regulations on the management and use of state assets, causing losses in the acquisition of two prime land plots in District 1, Ho Chi Minh City.
This move by the investigative agency was related to the investigation and clarification of violations at the Southern Food Corporation (Vinafood II) and several related units.
In a related development, on December 5, 2023, the Ho Chi Minh City Inspectorate announced the conclusion of an inspection into the implementation of the An Phu – An Khanh Urban Area project in Thu Duc City, with HDTC as the investor.
The Inspectorate transferred the case file regarding HDTC’s land transfer of 10 land lots through 9 contracts to the Ho Chi Minh City Police for further investigation and handling.
The inspection conclusion pointed out that the Housing Development and Trading Limited Company (before privatization) transferred the land use rights of 10 land lots through 9 contracts, 3 of which involved price appraisal and 6 without appraisal.
Specifically, for the 3 appraised contracts, the State Audit Office of Vietnam found that the appraisal results were biased towards reducing the value of the land lot. Moreover, the actual transfer price by HDTC was even lower than the appraised price, potentially causing losses to state assets.
Additionally, HDTC handed over resettlement land that was still planned as a park and school in Zone D, contrary to the approved plan.
Regarding administrative violations in construction and construction order management at the An Phu – An Khanh Urban Area project, Ho Chi Minh City authorities imposed a fine of VND 4.5 billion, of which nearly VND 2.8 billion has been collected.
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