On May 27, the Hanoi People’s Procuracy issued an indictment against Nguyen Quang Thuat, CEO of Global Advanced Education Joint Stock Company (GAV), for “fraudulent appropriation of property.”
According to the indictment, Thuat served as the CEO and legal representative of GAV, which was founded by Hanoi Import-Export Joint Stock Company (Geleximco) as a 55% shareholder. Geleximco later transferred its shares to other individuals.
International Construction and Investment Joint Stock Company Vigeba (Vigeba) was the investor of the Urban Area Project – Giao Lau City (Bac Tu Liem district), which included three land lots: NT1, TH, and THPT. In 2014, Vigeba agreed to transfer the infrastructure-completed land lots to GAV.
In 2020, the Hanoi Department of Construction reviewed the transfer dossier of a part of the project at the above three land lots and determined that at the time Vigeba proposed the transfer, the law did not regulate the procedure for transferring a part of the project, so there was no basis for considering the investor’s proposal.
During the cooperation, GAV transferred more than VND 28 billion to Vigeba. Subsequently, Vigeba issued a document to GAV announcing the termination of the cooperation and requesting the handover of the site due to the lack of basis for the transfer under the law. Vigeba affirmed that it is still the project investor.
According to the accusation, on April 4, 2017, Pham Bich N. (born in 1959, in Nam Tu Liem district), who had a need to build and develop schools, was introduced by Thuat to meet Vu Van Tien, Chairman of Geleximco, who was also the Chairman of the Board of Directors of Vigeba, to invest in building schools on the three land lots: NT1, TH, and THPT in the Urban Area Project – Giao Lau City.
At the same time, Thuat showed Ms. N. the contractual principles and site handover minutes of the three land lots and said that she would make the procedure for Ms. N. to invest in building schools there.
The two sides agreed that after completing the school construction procedures, Thuat would receive 10% of the infrastructure investment capital.
In 2018, Ms. N. signed a document agreeing to transfer the entire sub-project at the three land lots belonging to the school construction project in the Urban Area Project – Giao Lau City to GAV. Subsequently, Ms. N. transferred more than VND 10 billion to GAV.
Illustrative image.
At the end of 2019, seeing that land lots NT1, TH, and THPT were still vacant, Vu Thanh Tung (Deputy Director of Housing Development and Trading Design and Construction Joint Stock Company) asked Thuat to buy the project land lots to build schools due to their prior acquaintance.
At that time, Vigeba was still the investor of the three land lots in the Urban Area Project – Giao Lau City. The agreement on the transfer of the entire sub-project at the three land lots between Thuat and Ms. N. was still being implemented.
However, Thuat told Mr. Tung that Ms. N. had violated the contract and would no longer implement the project, and GAV’s shareholders had agreed to transfer all the company’s shares to Mr. Tung’s company.
Thuat also showed Mr. Tung documents that he had sent to several units announcing the plan to transfer all GAV’s shares to the Housing Development Company.
On April 23, 2020, Mr. Tung, representing Housing Development and Trading Design and Construction Joint Stock Company (Party B), signed an agreement on the transfer of GAV with Nguyen Quang Thuat (Party A) with a transfer value of over VND 101 billion. Two days after signing the contract, Party B had to pay Party A more than VND 38 billion.
On April 27, 2020, Mr. Tung transferred more than VND 38 billion to Thuat. After receiving the money, Thuat transferred VND 30 billion to Tan Viet Securities Joint Stock Company and withdrew more than VND 8.9 billion in cash for personal use.
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