The Supreme People’s Procuracy of Vietnam has officially indicted Nguyen Thi Nhu Loan, former Chairwoman of Quoc Cuong Gia Lai Corporation, over her alleged involvement in a high-profile land transfer scheme that caused an estimated loss of over 542 billion VND (approximately $21.5 million) in state assets.

Loan is among 22 individuals charged in connection with violations surrounding a 6,200-square-meter plot of public land at 39-39B Ben Van Don Street in District 4, now known as Ward Xom Chieu, Ho Chi Minh City.

The accused face charges including bribery, abuse of power, negligence causing serious consequences, and violating regulations on state asset management and use. The Ho Chi Minh City People's Procuracy has been assigned to handle the case at the first-instance trial level.

Among the high-profile figures indicted are Nguyen Thi Hong, former Vice Chair of the Ho Chi Minh City People’s Committee, and Dao Thi Huong Lan, former Director of the city’s Department of Finance. Both are charged with abusing their positions during the land disposal process. Lan has fled and is currently wanted by police after ignoring calls to surrender.

Nguyen Thi Nhu Loan, in her capacity as General Director and former Chairwoman of Quoc Cuong Gia Lai, is charged with violating regulations on state asset management and use. She was initially detained but later released on bail.

Prosecutors allege that during the restructuring of state-owned property under Prime Minister Decision No. 09/2007, officials at the Vietnam Rubber Group (VRG) and related units unlawfully transferred public land to private parties without valuation or public auction  -  a direct violation of state asset disposal laws.

At the center of the scheme was Le Quang Thung, former acting Chairman and CEO of VRG. Thung allegedly accepted bribes totaling $300,000 USD and 200,000 Singapore dollars from Le Y Linh and Dang Phuoc Dua, former leaders of Viet Tin Company, to facilitate the illegal sale of the land.

He is also accused of instructing subordinates to execute the transfer of the Ben Van Don site to private interests without a public bidding process, causing significant losses to the state.

Prosecutors say Nguyen Thi Nhu Loan was fully aware that the land was a public asset. She is alleged to have helped fund Linh and Dua’s purchase of the property through off-the-record transfers, later acquiring the land herself at a price far below market value.

By re-purchasing the property from Linh and Dua, Loan is believed to have personally profited by nearly 298 billion VND (around $11.7 million).

Authorities have confirmed that she has since submitted 100 billion VND (approximately $4 million) as part of efforts to mitigate the consequences of her actions.

Both Nguyen Thi Hong and Dao Thi Huong Lan are accused of intentionally breaching legal procedures in handling the Ben Van Don site, driven by personal motives, thereby contributing to the unlawful loss of public assets.

The case is one of the most high-profile investigations in Vietnam’s real estate and public land management sectors, underscoring ongoing government efforts to crack down on corruption tied to state property.

T. Nhung