On August 22, representatives of the People’s Procuracy of Ho Chi Minh City proposed sentences for two defendants in a case that occurred in the Hiep Binh Chanh Residential Area (formerly Thu Duc City).
Specifically, defendant Luu Quang Lam (DOB: 1959, former Chairman of Dai Hai Company) was recommended to life imprisonment for “Fraudulent appropriation of property.” Defendant Ngo Xuan Truong (DOB: 1975, former Chairman and General Director of Dai Hai Company) faces 16-18 years in prison for “Abuse of trust to appropriate property.”
In civil matters, the prosecution requested that the defendants be held responsible for repaying the banks and that the contracts and transactions related to the land use right certificates used as collateral be invalidated. The bank must return the certificates to the people so that they can proceed with the pink book issuance procedure.
Luu Quang Lam and Ngo Xuan Truong in court
The case details reveal that between March 24 and November 28, 2012, despite knowing that 115 land plots (including 62 victims with 65 plots already contracted for sale) had been sold to residents, Luu Quang Lam signed seven mortgage and guarantee contracts to secure loans for six businesses from multiple banks, totaling over VND 208 billion.
Dong A Bank – Branch of District 1 filed a complaint accusing Lam of appropriating VND 52 billion. Subsequently, a portion of the debt was repaid by Lam and related individuals through money and assets, but as of now, the businesses still owe more than VND 173 billion (including principal and interest).
Since 2008, while serving as director, defendant Ngo Xuan Truong was aware that the entire land lot in the project had been legally sold to the people. However, due to a debt of more than VND 36 billion, Truong still proceeded with the land use registration for other individuals and organizations to offset the debt. Additionally, Truong sold the same plot of land that had been previously transacted. In total, he appropriated more than VND 11.7 billion.
The prosecution also stated that the individuals who lent money to defendant Truong and received the land use rights transfers were unaware that the land had been sold to others, so there was insufficient evidence to pursue criminal charges against them. Similarly, the individuals who represented the companies in Lam’s bank loans were also not considered accomplices.
The actions of the two defendants have seriously infringed upon the legitimate property rights of the people and disrupted social order. Their behavior warrants severe punishment to serve as a deterrent and to maintain social order. Regarding signs of credit activity irregularities at some banks, the investigating agency has separated the case for further verification upon receiving the results of the State Bank’s appraisal.
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