On July 5, after a two-day trial, the People’s Court of Ho Chi Minh City sentenced eight defendants, who are former leaders and officials of Saigon Real Estate Corporation (Resco), for “Violation of regulations on the management and use of state assets, causing waste and loss.”
Specifically, the Court sentenced Nguyen Tin Trung, former Chairman of Resco’s Board of Members, to 5 years and 6 months in prison; Nguyen Phuoc Ngoc, former General Director and Chairman of Resco, to 4 years and 6 months in prison; Do Van Phuc and Tran Cong Duc, former members of Resco’s Board of Members, were each sentenced to 3 years and 6 months in prison.
Trial scene
Vo Huu Hai and Hoang Hai Dang, former members of Resco’s Board of Members, were each sentenced to 3 years of imprisonment, but the sentence was suspended for a probation period of 5 years.
Nguyen Thi Thuy Hang and Nguyen Dinh Phu, former deputy general directors of Resco, were each sentenced to 2 years in prison, but this sentence was also suspended for a probation period of 4 years.
Defendant Nguyen Tin Trung
The case file showed that, according to Document No. 5096 dated October 10, 2011, of the People’s Committee of Ho Chi Minh City, Resco was required to change the land use purpose and invest in construction according to the planning for the land lot at 299/18 Ly Thuong Kiet (Ward 15, District 11). They were also instructed to continue managing and using the land lot at 682 Hong Bang (Ward 1, District 11) for investment and business exploitation (with the regime of land lease with land use levy collection), and to manage and use the land and implement the investment project in accordance with regulations for the Binh Dang land lot.
However, the defendants violated the regulations by transferring the land lots at 299/18 Ly Thuong Kiet and 682 Hong Bang to affiliated enterprises, which were not member companies as prescribed, without auction and without the approval of the People’s Committee for the Binh Dang land lot. Moreover, none of the three land lots were appraised at market prices before the transfer.
These violations caused a loss of more than VND 45 billion for Resco at the time of the transfer. Of this amount, the loss for the Binh Dang land lot alone was more than VND 41.4 billion.
At the trial, Real Estate Company No. 5 (the unit that received the transfer of the Binh Dang land lot from Resco) requested to pay the entire amount of loss related to the Binh Dang land lot. The Court appreciated that the damage caused by the case had been almost fully compensated (the defendants and their families paid nearly VND 3.5 billion).
“Unveiling Misconduct at the Saigon Real Estate Corporation: A Comprehensive Exposé”
The non-auction transfer of land by Resco has resulted in significant financial losses for the state, amounting to over VND 45 billion. This raises serious concerns about the management and transparency of land allocation practices, highlighting the need for stricter regulations and accountability measures to prevent such incidents in the future.
Former Chairman of Saigon Real Estate Corporation Jailed for Five Years for Selling Prime Land
The court found that the violations committed by the defendant Nguyen Tin Trung, the former Chairman of the Members’ Council of Saigon Real Estate Corporation, and his accomplices had caused particularly severe damage to property. As a result, the court sentenced the defendant to five years in prison.
The Great Saigon Real Estate Heist: $2 Million Lost as Former Executives Face Justice
Despite explicit instructions from the People’s Committee of Ho Chi Minh City, former leaders of the Saigon Real Estate Corporation went ahead with the sale of three prime city-center locations to external parties, resulting in a staggering loss of over VND 45 billion. This unauthorized transaction highlights a blatant disregard for protocol and has led to severe financial consequences for the city.
The Fall of a Real Estate Tycoon: Ex-Chairman of Saigon Housing Corporation Sentenced to 5 Years and 6 Months in Prison
With regards to the misconduct in the transfer of three land plots in Ho Chi Minh City, causing a loss of over VND 45 billion, the former Chairman of Resco, Nguyen Tin Trung, has been sentenced to 5 years and 6 months in prison.
