Recently, the Ho Chi Minh City People’s Procuracy finalized the indictment against Tran Hoang Trinh (born in 1959), Hua Thi Bich Hanh (born in 1982), Ngo Nguyen Doan Trang (born in 1982), Lam Kim Dung (born in 1955), and Hua Xuong (born in 1955) for the crime of “Fraud to Appropriate Property.”
These individuals are relatives of the late tycoon Hua Thi Phan (born in 1947, former Chairwoman of Phu My Joint Stock Company).
The group of defendants, former employees of Agribank Mac Thi Buoi Branch, were charged with “Violating Banking Regulations and Activities Related to Banking Operations.” They include Pham Thi Mai Toan (born in 1955, Director), Tran Thi Bich Ngo (born in 1955, Deputy Director), Dang Thi Thu Huong (born in 1974, Credit Officer), and Dao Thi Thu Hoa (born in 1975, Head of Credit Department).
The once-ambitious project now lies in ruins. Photo: Duy Khang
In 2000, the Management Board of the Southern Area of Ho Chi Minh City assigned Phu My Company to develop the planning for Area 13 of the New Southern Urban Area, Phong Phu Commune, former Binh Chanh District, including Area 13D, covering 279,269 m².
Subsequently, the Ho Chi Minh City People’s Committee temporarily allocated 253,585 m² of land in Phong Phu Commune, former Binh Chanh District (within Area 13D) to Phu My Company for compensation, site clearance, and preparation for residential and housing development.
From 2003 to 2006, Phu My Company used its own funds for compensation and site clearance. Later, it submitted a detailed 1/500 planning proposal to the Southern Area Management Board for approval of the Residential Area Project.
The Garden City Residential Area is a complex residential project covering 240,000 m², part of the 279,269 m² area assigned to Phu My Company for planning since 2000.
In 2007, Hua Thi Phan used Phu My Company as the legal entity to borrow capital from Agribank Mac Thi Buoi. The collateral for the loan was the entire residential project on 279,269 m² (including 240,000 m² in a joint venture with two Malaysian companies) to borrow 250 billion VND. To date, Agribank has not recovered 73.3 billion VND.
Regarding the project’s origins, on September 9, 2003, the Ho Chi Minh City People’s Committee issued Decision No. 3751/QÐUB, reclaiming 253,585 m² of land in Phong Phu Commune, former Binh Chanh District, and temporarily allocating it to Phu My Company for compensation, site clearance, and investment preparation for housing construction.
In October 2006, Phu My Company submitted Official Letter No. 73/CV dated October 23, 2006, confirmed by Phong Phu Commune, former Binh Chanh District, stating that the agreed compensation area was 282,087 m² out of the total 279,269 m² allocated (101% completed). The compensation funds did not come from the state budget.
On December 31, 2008, the Ho Chi Minh City People’s Committee issued Decision No. 5709/QĐ-UBND, reclaiming 240,000 m² of land and leasing it to Phu My Asia Company for investment in a complex residential project (Decision 5709).
On June 9, 2008, Phu My Company and two other companies signed an addendum to the joint venture agreement, stating that Phu My Company would fulfill financial obligations for land use rights and contribute capital to the joint venture based on land value as per Article 110 of the 2003 Land Law.
Later, Phu My Company and Phu My Asia Company jointly sent an official letter to the Southern Area Management Board requesting the revocation of Decision 5709 and converting the allocation of 240,000 m² to Phu My Company’s capital contribution in the joint venture under Article 110 of the 2003 Land Law.
Subsequently, the Southern Area Management Board advised the Ho Chi Minh City People’s Committee to issue Decision No. 4973/QÐ-UBND on November 2, 2009, allocating 279,269 m² of land to Phu My Company for capital contribution in the joint venture to invest in the Phu My 13D Complex Residential Project (Decision 4973).
By September 2014, the former Ho Chi Minh City Department of Natural Resources and Environment issued Land Use Rights Certificate No. BK474769 (CT37346) for 240,000 m² in Phong Phu Commune, former Binh Chanh District, under Phu My Company’s name. The land origin was based on Decision 4973, and the land use structure was based on Decision 99 of the Southern Area Management Board.
However, the former Department of Natural Resources and Environment has not handed over the Land Use Rights Certificate to Phu My Company because the former Binh Chanh District People’s Committee has not completed land recovery and update procedures.
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