The offices of Song Da Nha Trang Joint Stock Company on Bai Duong Street, Nha Trang City, Khanh Hoa Province. The company's former general director has been arrested for fraudulent appropriation of assets. — Photo laodong.vn

Nguyen Chi Uy, 43, residing in Hanoi, was detained on Tuesday afternoon on charges of “fraudulent appropriation of assets” under Article 174 of the 2015 Penal Code, Vietnam News Agency reported.

The police also searched the company’s offices on Bai Duong Street, Nha Trang City, Khanh Hoa Province.

According to the investigation, Song Da Nha Trang JSC was approved as the investor behind the construction of the Cồn Tan Lap residential area project in Xuong Huan Ward, Nha Trang City.

During his time as general director, Uy arbitrarily divided the approved land area – which was supposed to be used as a park – and sold small plots to people in Hanoi, HCM City and Khanh Hoa Province, causing huge consequences.

The company had mobilised capital from many people and transferred land plots illegally.

Police also notified customers who have contributed capital and bought and sold products of the Con Tan Lap residential project to contact the investigation agency in order to clarify related issues.

Con Tan Lap residential project, approved in 2011, has a total area of over 7.9ha and a total investment of over 2.7 trillion. — VNS

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