“Resale” of 39-39B Bến Vân Đồn Project Nets Nguyễn Thị Như Loan Over 297 Billion VND in Profits

In the case involving 39-39B Bến Vân Đồn, Xóm Chiếu Ward, Ho Chi Minh City, the Investigation Police Agency of the Ministry of Public Security has proposed prosecuting 22 defendants on charges of “Bribery,” “Receiving Bribes,” “Violating Regulations on the Management and Use of State Assets Causing Loss and Waste,” “Abusing Positions and Powers While on Duty,” and “Negligence Causing Serious Consequences.”

According to the investigation, the land at 39-39B Bến Vân Đồn is state property and must be handled and rearranged according to Decision No. 09/2007/QĐ-TTg. However, defendant Lê Quang Thung (former Acting Chairman of the Board of Directors of the Vietnam Rubber Group) failed to implement the rearrangement plan.

In late 2009, Lê Quang Thung proactively negotiated and agreed with defendants Lê Y Linh (former Director of Việt Tín Company) and Đặng Phước Dừa (former Chairman of the Members’ Council of Việt Tín Company) to sell the land at a price of $1,200 per square meter through capital transfer at Phú Việt Tín Company. As per the agreement, Linh was to pay the Vietnam Rubber Group $3 million, including $1.2 million directly to Thung (equivalent to $200 per square meter).

Executing the agreement, Thung instructed subordinates to sign procedures for establishing Phú Việt Tín Company and requested the Ho Chi Minh City People’s Committee to revoke the land and allocate it to Phú Việt Tín Company. All seals and legal documents of the company were handed over to Linh and Dừa for management.

After obtaining the necessary procedures, on January 27, 2010, Thung further instructed subordinates to sign a proposal, suggesting the transfer of 99% of the capital contribution at Phú Việt Tín Company to Retro Havest Finance Company, owned by Lê Y Linh, for over $7.1 million. Subsequently, Nguyễn Thành Châu, former Chairman of the Board of Directors of Đồng Nai Rubber, and Nguyễn Công Tài, former Chairman of the Board of Directors of Bà Rịa Rubber, signed the capital transfer contract for 80% and falsely confirmed receipt of over $5.8 million (no actual transfer occurred) to enable the Department of Planning and Investment of Ho Chi Minh City to issue a Business Registration Certificate, allowing Retro Harvest Finance to hold 80% of Phú Việt Tín Company’s charter capital.

By late 2011, as Lê Quang Thung was nearing retirement, Lê Y Linh prepared $300,000 in a Hermes orange paper bag. Linh and Dừa then invited Thung to dinner at a restaurant on Lê Duẩn Street, District 1, Ho Chi Minh City, to express gratitude for his role in facilitating the sale of 99% of the capital contribution at Phú Việt Tín Company.

Around November 2013, defendant Nguyễn Thị Như Loan (Chairwoman of Quốc Cường Gia Lai Company) learned that Linh and Dừa intended to sell the project and began negotiations. Loan agreed with Linh and Dừa to purchase the project, authorizing Linh to empower Dừa to sign a “promise-to-sell contract” for 460 billion VND (including land use fees).

Needing funds for diplomatic purposes with the Vietnam Rubber Group to continue the land acquisition, Linh and Dừa advanced money from Loan. Between December 13, 2013, and January 22, 2014, Linh and Dừa withdrew 45 billion VND in four transactions and handed it to Dừa.

In late January 2014, Dừa took 20 billion VND in 500,000 VND denominations, packed it into four Glenfarclas wine boxes, loaded it onto a car, and delivered it to Trần Ngọc Thuận’s office at the Vietnam Rubber Group headquarters (236 Nam Kỳ Khởi Nghĩa, Ho Chi Minh City). Upon receiving the money, Thuận asked, “What is this?” Dừa replied, “Money to thank the Group’s team.” Although Thuận had not discussed, agreed, or requested anything from Dừa regarding the money, he understood from Thung’s previous request to let Linh continue the project that Linh and Dừa had agreed with Thung to provide gratitude money.

On August 6 and 8, 2014, Linh and Dừa signed a contract transferring 99% of the capital contribution at Phú Việt Tín Company to Loan for over 271 billion VND (excluding land use fees). “After deducting the 114 billion VND owed to the Vietnam Rubber Group, Linh and Dừa profited over 157 billion VND,” the investigation agency alleged.

After the transfer, Dừa took 25 billion VND in 500,000 VND denominations, packed it into two black suitcases (dimensions 38 cm x 25 cm x 55 cm and 44 cm x 25 cm x 64 cm), and arranged to meet Trần Ngọc Thuận at his home. Around 9 PM, Dừa arrived at Thuận’s residence in the Lan Anh Villa Area, District 2, Ho Chi Minh City, and handed over the two suitcases containing 45 billion VND. After receiving the total of 45 billion VND from Dừa, Thuận distributed 7.5 billion VND to three individuals at the Vietnam Rubber Group: Võ Sỹ Lực, Chairman of the Members’ Council; Trần Thoại, Member of the Members’ Council and Deputy General Director; and Phạm Văn Thành, Head of the Planning and Investment Department, each receiving 2.5 billion VND. Thuận retained the remaining 37.5 billion VND for personal use.

According to the investigation, before acquiring 100% of the capital contribution at Phú Việt Tín Company, Loan had signed an investment agreement and deposit with Bùi Cao Nhật Quân (Chairman of the Board of Directors of Thịnh Vượng Real Estate Joint Stock Company, part of Novaland Group), committing to transfer 100% of the capital contribution at Phú Việt Tín Company to secure over 846 billion VND. After deducting expenses, Loan profited over 297 billion VND.