Dat Rong Real Estate Joint Stock Company, led by legal representative Truong Ngoc Anh—a renowned actress and entrepreneur in entertainment and real estate—developed the Indochine building project at 112 Nguyen Thi Minh Khai (Xuan Hoa Ward, Ho Chi Minh City). This fully renovated site, adjacent to Le Quy Don High School, boasts four street fronts: Nguyen Thi Minh Khai, Nam Ky Khoi Nghia, Vo Van Tan, and Le Quy Don.
Located at 112 Nguyen Thi Minh Khai, opposite the Independence Palace and at the intersection of Nguyen Thi Minh Khai, Cach Mang Thang Tam, and Nam Ky Khoi Nghia, this address is just 1-2km from Ben Thanh Market and Ho Chi Minh City Theatre.
In December 2007, Ho Chi Minh City People’s Committee reclaimed this land to expand Le Quy Don High School, compensating four households with over VND 26.1 billion.
During operations, Truong Ngoc Anh solicited a total investment of USD 9.1 million (approximately VND 149 billion) from Irish national P.G.M. for two real estate projects, including the Indochine building. Specifically, M. transferred USD 4.49 million (VND 72 billion) for this project.
Truong Ngoc Anh faces allegations of defrauding foreign investors of tens of billions of VND while fundraising for the 112 Nguyen Thi Minh Khai real estate project.
In April 2011, VietinBank planned to construct its headquarters on this site. At that time, the 112 Nguyen Thi Minh Khai land comprised a two-story villa (over 833 m², managed by Ho Chi Minh City Housing Management Company and occupied by four households) and a two-story building (440 m², owned by VietinBank). This land was part of the 2007-approved Le Quy Don High School expansion project. Source: Nguoi Lao Dong Newspaper.
VietinBank later exchanged this land with Ho Chi Minh City. In December 2007, the city reclaimed the site for the school expansion, compensating the four households with over VND 26.1 billion.
The four households returned the full compensation amount to Truong Ngoc Anh and N.M.H. However, Anh transferred only VND 3 billion to the company and investors, embezzling the remaining VND 10 billion for personal use without proper accounting.
Notably, just before signing the investment contract, Truong Ngoc Anh and N.M.H. (born 1964, residing in Tan Dinh Ward) purchased the land from the four households for 7,917 taels of gold, significantly below the 12,917 taels stated in the investment agreement.
Anh paid only 3,000 taels of gold but recorded 4,458 taels in the company’s books, indicating fraudulent inflation to embezzle the difference.
Currently, land prices on Nguyen Thi Minh Khai Street reach up to VND 800 million per square meter.
Opposite 112 Nguyen Thi Minh Khai, at the corner of Nguyen Thi Minh Khai and Le Quy Don, stands a hotel with a name similar to Truong Ngoc Anh’s project. However, this hotel is owned by a different entity and is unrelated to the Indochine building project.
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Trương Ngọc Ánh allegedly purchased land using gold and engaged in multiple fraudulent activities. As gold prices soared, how will this case unfold?
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