This morning (September 26), during the first-instance trial at the Ho Chi Minh City People’s Court regarding violations at the Southern Rubber Industry Joint Stock Company (Casumina), the judges sentenced defendant Pham Hong Phu (former CEO) to 4 years in prison. Defendants Bui The Chuyen (former Chairman of the Board), Nguyen Minh Thien (former Deputy CEO), and Tran Anh Phuong (former Accountant) each received 3-year sentences for “Violating regulations on the management and use of state assets, causing losses and waste.”
Defendants at the trial.
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In civil matters, the court ordered the defendants to jointly compensate 18.3 billion VND. All defendants have fully remedied the consequences.
According to the indictment, the land plot at 9 Nguyen Khoai, Ward 1, District 4 (formerly), with an area of 6,227.9 m², is state-owned and was leased by the Ho Chi Minh City People’s Committee to Casumina for rubber production.
As the land was subject to relocation due to environmental pollution, Casumina proposed to the Ho Chi Minh City People’s Committee to develop a residential complex with 250 apartments. They also reported to the Vietnam Chemical Group (Vinachem) to seek approval for changing the land use purpose to facilitate investment cooperation.
In April 2010, Nguyen Ngoc Tuan (representing Casumina), Nguyen Thi Phuoc (Vietnam Real Estate Company), and Phan Kim An (Hong Phuc Company) established a new entity, Tan Thuan Viet Company (with a charter capital of 30 billion VND), as the project investor. Casumina held 40%, Vietnam Real Estate Company 40%, and Hong Phuc Company 20%.
In 2013, aware of Vinachem’s restructuring plans for Casumina, Pham Hong Phu, Bui The Chuyen, and Tran Van Tri (representing Vinachem’s capital in Casumina) agreed to allow Vinachem to withdraw from the project through negotiation.
In August 2013, Bui Cao Nhat Quan (Chairman of Thanh Nhon Real Estate Company) proposed acquiring the project for 280 billion VND, which Phu and Phuoc accepted. The project’s total expenses were 238 billion VND, yielding a profit of 42 billion VND, with Casumina entitled to 16.8 billion VND.
Before the transaction, Phuoc requested recognition of her investment of over 35 billion VND, but Phu acknowledged only 30 billion VND due to unsupported expenses. He instructed Tran Anh Phuong to record this amount as project expenses, reducing the profit to 12 billion VND and causing a loss of 11.8 billion VND.
Subsequently, Phuoc negotiated with Bui Cao Nhat Quan to increase the sale price to 296.35 billion VND, pocketing a 16.35 billion VND difference. However, Casumina failed to monitor assets at Tan Thuan Viet Company, resulting in a loss of 6.54 billion VND (40% of 16.35 billion VND). In total, Casumina suffered a loss of 18.3 billion VND.
Tan Chau
– 13:26 26/09/2025
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