On September 25th, after several days of deliberation, the Ho Chi Minh City People’s Court delivered its verdict in the case of mismanaging and misusing state assets, leading to significant losses at four prime land plots owned by the Southern Food Corporation (Vinafood II). The properties, located at 33 Nguyen Du Street and 34, 36, and 42 Chu Manh Trinh Street in Saigon Ward, Ho Chi Minh City, were involved in a scheme orchestrated by Dinh Truong Chinh, former Chairman of HDTC Real Estate Development and Trading Joint Stock Company.
Rejecting the Argument of “Recovered Assets, No Loss”
The court sentenced Huynh The Nang (former General Director of Vinafood II) to 9 years and 6 months in prison, Nguyen Tho Tri (former Deputy General Director of Vinafood II) to 6 years in prison, and Dinh Truong Chinh to 13 years in prison. All were found guilty of “Violating Regulations on the Management and Use of State Assets, Causing Losses and Waste.”
Defendants in court
The court determined that Dinh Truong Chinh colluded with Huynh The Nang to transfer the four land plots through capital contribution, capital withdrawal, and capital transfer schemes. In reality, these transactions were illegal land sales conducted without proper auctions, resulting in a state loss of 970 billion VND.
Prosecutor representing the Ho Chi Minh City People’s Procuracy in court
During the trial, Chinh demonstrated a shift in awareness by admitting to the wrongdoing as outlined in the indictment. His professional record includes outstanding achievements, numerous awards, and contributions to social welfare, including school construction and charitable activities recognized by authorities. Additionally, his family has a history of contributing to the nation’s cause, and he has taken steps to mitigate the case’s consequences. The court considered these factors as grounds for reduced sentencing.
Huynh The Nang and Nguyen Tho Tri, as state asset managers, failed to adhere to proper asset transfer procedures. They advised, proposed, and signed contracts for the transfer of the four properties through capital contribution, withdrawal, and transfer schemes. These actions effectively transferred land use rights without auctions, violating the law and causing a state loss of 970 billion VND.
Defendants Dinh Truong Chinh, Huynh The Nang, and Nguyen Tho Tri
The court acknowledged mitigating circumstances for Huynh The Nang and Nguyen Tho Tri under Article 51 of the Penal Code. Additionally, Article 54 (Clause 1) was applied to impose sentences below the minimum penalty range.
Dinh Truong Chinh Ordered to Return 970 Billion VND
Regarding the aftermath, the Ho Chi Minh City People’s Committee has recovered the entire 6,274.5 m² of land at the four locations, placing it under the management of the City Land Fund Development Center. The court emphasized that this recovery does not negate criminal liability but serves as a basis for reduced sentencing. The defense’s argument that recovered assets eliminate losses was rejected.
In terms of civil liability, the court determined that the loss occurred at the time of the transfer contract signing, valued at 730 billion VND, significantly below market value, resulting in a 970 billion VND loss. Since the land has been recovered, the court did not mandate compensation but annulled the illegal capital contribution and transfer contracts. It also recommended that the Ho Chi Minh City People’s Committee revoke the land use certificates issued to Viet Han Saigon Company.
The court established that Dinh Truong Chinh unlawfully profited 970 billion VND and ordered its return to the state treasury. The 5.4 billion VND voluntarily submitted by the defendants to mitigate consequences will be held to ensure enforcement of the judgment.
Tycoon Dinh Truong Chinh Sentenced to 13 Years in Prison for Vinafood II’s ‘Golden Land’ Acquisition Scandal
Unveiling a lucrative land deal gone awry, the Ho Chi Minh City People’s Court sentenced tycoon Dinh Truong Chinh to 13 years in prison. Chinh, who profited a staggering 970 billion VND from the sale of prime real estate owned by Southern Food Corporation (Vinafood II), was ordered to return the entire sum.
Mysterious Vietnamese Expatriate Facilitates Tycoon’s Sale of 44 Prime Land Plots in Ho Chi Minh City, Yielding Nearly $43 Million in Illicit Profits
Upon officially securing ownership, Mr. Chinh promptly booked a flight to invite his cousin, Hoàng Ngọc Cẩm Hồng, a Vietnamese-Canadian expatriate, to return home.
Appellate Hearing for Vinafood II: Prosecution Demands Joint Compensation of 68 Billion VND from Defendants
At the appellate trial, the representative of the People’s Procuracy proposed that the former leaders of Vinafood II be jointly liable for compensating 68 billion VND to rectify the consequences of the case.
The Takeover of Four Prime Land Plots in Ho Chi Minh City: Mysterious Evidence Found in Tycoon’s Residence
In addition to the extensive financial evidence, investigators discovered a peculiar item at the residence of the defendant, Đinh Trường Chinh.
The Shocking $42 Million Profit from Flipping Prime Real Estate in Ho Chi Minh City: Startling Revelations Unveiled
Dinh Truong Chinh acknowledged errors in the execution of transactions with Vinafood II, but refutes the allegation of profiting 970 billion VND, claiming it to be inaccurate.
