Police Announce Initial Findings in the Vietnam Rubber Group Case
Breaking news: Police have released initial findings in the case of Vietnam Rubber Group, involving a complex web of collusion and illegal land acquisition.
It has been revealed that Ms. Nguyen Thi Nhu Loan, former CEO of QCGL, colluded with several individuals and companies to circumvent legal procedures and acquire 100% capital contribution in a land deal without going through a public auction. This resulted in hundreds of billions of dong in losses for the state.
Ms. Nguyen Thi Nhu Loan, former CEO of QCGL
A SHADY DEAL UNRAVELED
The involvement of QCGL in the land deal and its subsequent sale to Novaland occurred in a remarkably short time frame.
On August 4, 2014, QCGL’s Board of Management resolved to appoint Ms. Nguyen Thi Nhu Loan as the representative for the company’s 5.94 billion VND capital contribution, accounting for 99% of the charter capital of Phu Viet Tin Company.
Just a month later, on September 10, 2014, QCGL acquired the remaining 1% of Phu Viet Tin Company from two shareholders: Cao su Dong Nai Rubber Company and Cao su Ba Ria Rubber Company, with respective contributions of 0.72% and 0.28%.
Having acquired 100% of Phu Viet Tin Company, QCGL promptly divested its shares to two legal entities and an individual within the same month of September 2014. Specifically, on September 3 and November 11, 2014, QCGL transferred 0.5% and 5.5% of Phu Viet Tin Company’s shares to Ms. Lai Thi Hoang Yen.
On November 14, 2014, QCGL transferred 94% of Phu Viet Tin Company’s shares to two companies: BDS Thinh Vuong JSC (40%) and Biet Thu Thanh Pho JSC (54%). The respective transfer values were over 340 billion VND and 459 billion VND.
Mr. Bui Dat Chuong, the legal representative of BDS Thinh Vuong JSC, also represents several other companies within the Nova ecosystem, solidifying their connection.
Subsequently, Nova Phuc Nguyen Real Estate Investment and Development Company Ltd., a member of the Novaland ecosystem, became the investor for the 39-39B Ben Van Don land plot.
The new investor applied for changes in land-use planning indicators, paid additional land-use fees, and proceeded with the project’s development. Today, Novaland has transformed the land into The Tresor project. However, according to media reports, The Tresor residents have not received their property certificates due to an ongoing investigation into the land transfer process by the authorities.
THE TRESOR: NOVALAND’S PRIZED PROJECT
The Tresor is a well-known landmark project within the Novaland ecosystem. It is a mixed-use complex comprising apartments, commercial spaces, offices, and services, built on a total area of 6,201.6 sq. m. Apartment sizes vary from 57.68 sq. m to 114.62 sq. m. As of May 2024, prices ranged between 65 and 70 million VND per sq. m, according to real estate listings.
This pricing is considered reasonable given the project’s prime location on Ben Van Don, one of the most well-developed roads in District 4. The project is also adjacent to Mong Bridge, a cultural hotspot in Ho Chi Minh City. Additionally, its strategic position at the southern gateway to the city provides easy access to the bustling financial centers of Districts 1 and 7.
Notably, The Tresor is part of a Novaland-dominated neighborhood, alongside its “siblings,” Saigon Royal and Icon 56. Saigon Royal, positioned as a luxury real estate project, boasts prices exceeding 120 million VND per sq. m as of May 2024, according to real estate listings.
The Tresor’s convenient location, diverse amenities, and affordable pricing have made it a sought-after investment destination for domestic and foreign investors. Today, The Tresor is known for its young and vibrant resident community, reflecting the energy of downtown Saigon.
Novaland reports over VND 1,600 billion in profit for Q4/2023, bond debt reduced by VND 6,000 billion in one year.
In 2023, Novaland achieved a profit of over 800 billion VND, in contrast to the first half of the year when the company incurred a loss of over 1,000 billion VND.
“How does Novaland strive to make billions of profits?”
Currently, the NVL stock is experiencing margin cuts, which greatly limits its liquidity attraction. The return of positive profits is a necessary condition for the company’s stock to be granted margin again.
New developments at the prime 1,500m2 ‘golden land’ area in Ho Chi Minh City
Before the emergence of the real estate giant, the leadership of Seaprodex underwent significant changes. The prime location of the company’s land in Ho Chi Minh City has also experienced new legal developments.
