On the afternoon of September 17, the Ho Chi Minh City People’s Court continued the trial of the case involving the acquisition of four prime land plots belonging to the Southern Food Corporation (Vinafood II).
According to the indictment, Huynh The Nang (former General Director of Vinafood II) and Nguyen Tho Tri (former Deputy General Director) colluded with Dinh Truong Chinh (former Chairman of the Board of Directors of the Housing Development and Trading Joint Stock Company) to transfer land plots at 33 Nguyen Du and 34, 36, 42 Chu Manh Trinh (former District 1, Ho Chi Minh City) in violation of regulations, without a public auction. This act caused a loss of nearly 970 billion VND to the state.
The “Buy and Sell” Scheme Within Days
To conceal the scheme, Chinh used Hoang Ngoc Cam Hong (his cousin, Canadian citizen) as an intermediary. On January 30, 2016, Chinh, representing Viet Han Company, transferred 99% of the capital contribution in Viet Han Sai Gon Company to Ms. Hong for 792 billion VND. Just three days later, Ms. Hong signed a contract to resell it to Winter Real Estate Joint Stock Company for 1,683 billion VND.
Defendant Dinh Truong Chinh in court
The price difference of 891 billion VND was quickly withdrawn, transferred through multiple accounts, and then returned to Viet Han Company and Dinh Truong Chinh himself. Investigative evidence shows that Ms. Hong lacked the financial capacity to execute these massive transactions, and the blank signing of documents and payment authorizations were prearranged.
Within just 33 days, Chinh transformed the land use rights of the four prime plots from Vinafood II into assets yielding nearly 1,000 billion VND in profit.
Surprising Evidence Found in the “Tycoon’s” Home
According to case files, during a search of Dinh Truong Chinh’s residence, investigators seized numerous documents, electronic devices, and mobile phones. Notably, they also found a brass-colored metal rod, approximately 90 cm long, with a pointed tip and handle, resembling a sword.
Defendants in court
Additionally, six boxes of documents, seven USB drives, a laptop, and numerous financial transaction records were sealed for further investigation.
According to the Ho Chi Minh City People’s Procuracy, the use of “shell” legal entities and intermediaries to legitimize documents was a sophisticated and premeditated scheme. Dinh Truong Chinh not only colluded with Vinafood II’s leadership but also played the primary role in profiting from this illicit transaction.
Video: Trial of the “Acquisition” of Four Prime Land Plots in Ho Chi Minh City
The defendants’ actions were deemed to have severely compromised state assets, undermined transparency in public land management, and set a negative precedent for the investment environment.
The trial panel is continuing to interrogate and clarify the responsibilities of each defendant and related parties before delivering the final verdict.
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