return icon Vietnamnet.vn

Medicine, land baron detained for law violations

The Hanoi Police have prosecuted and detained Nguyen Thi Loan, Chairwoman of Vimedimex Medi-Pharma JSC, for alleged violations of land auction regulations.

{keywords}

Nguyen Thi Loan

 

Loan was born in 1970 in Hoa Binh province. When she was 21 years old, she worked as an accountant for Thinh Phat Company (1991-1992) and then later as chief accountant of the company (1993-1994).

But she left the company to work for a bank, where she had different positions during her 12 years there.

At the age of 38, she started Hoa Binh Securities JSC (February 2008) and has been the Chair of the board of directors since then. Just several months after establishment, the company became a strategic shareholder of Vimedimex (VMD), in August 2008.

VMD, established in 1984, was an SOE (state owned enterprise). It was equitized in 2006. Its big shareholder is Vimedimex 2, with 45.34 percent of shares. Tran Dinh Huynh has 7 million shares, or 45.34 percent, and Le Xuan Tung, or Loan’s son, holds 7.39 percent.

Since April 2009, Loan has been Deputy Chair and then Chair of VMD Board of Directors. She is the current Chair of Board of Directors of VMD for the 2017-2022 tenure.

Loan is also Chairwoman of Vimedimex 2, the shareholder that holds 45 percent of VMD. Vimedimex 2 has charter capital of VND1.5 trillion.

She is also the legal representative of many other businesses, including Vimedimex Drug Distribution Center Co Ltd, International Fund Management JSC, Vimedimex Hoa Binh Real Estate Co Ltd, and Vime Sain Paul Pharmaceuticals Medical JSC.

Prior to that, she was Deputy Chair of the Board of Directors of a joint stock bank.

Real estate tycoon

After becoming a strategic shareholder of VMD, Loan was keen to use VMD as a leverage to develop Vimedimex Group with an ecosystem of finance, drug and real estate subsidiaries.

Vimedimex Group has charter capital of VND3 trillion, 20 times higher than the ‘original’ VMD which lists its shares on the bourse.

The reticent businesswoman has recently emerged in the pharmaceutical industry after obtaining a license for 30 million Covid-19 vaccine doses. Prior to that, VMD officially became the strategic shareholder of Group 42 and Royal Strategics Partners from UAE. Under a cooperation, Group 42 authorized VMD to import and distribute Hayat-Vax vaccines in the Vietnamese market.

In the last three weeks of August and early September, VMD shares hit the ceiling level, increasing by 3.3 times, from VND24,700 per share to VND82,400 per share.

On November 9, VMD saw the price soar to VND46,250 per share and its capitalization value exceed VND700 billion.

Through the Vimefulland brand, the business holds a series of large projects, such as The Jade Orchid, The Lotus Center, Eden Rose, Iris Garden, Athena Fulland, The Emeralda and Belleville Hanoi.

The projects all have the scale of 1,000 apartments, located in inner districts of Cau Giay, Nam Tu Liem, Thanh Tri and Hoang Mai.

Regarding the prosecution case, according to agencies, in August 2020, the Dong Anh District Project Management Board organized the auction of a 5-hectare land plot in Co Duong commune.

The land plot was estimated to have value of VND500 billion. However, Loan colluded with officers of the board and the defendants of the valuation company to adjust the land value down to VND300 billion.

After that, the land appraisal council approved the floor price of the land plot at VND18 million per square meters and put the land up for auction.

Loan then set up legal entities which registered to attend the auction. Finally, a company where Loan holds a controlling stake won the auction at the price of VND20 million per square meter.

Just one month later, Loan sold the land plot at the price of VND80-100 million per square meter.

The police also detained seven other people, including Vuong Thi Thu Thuy, an officer of the district’s Project Management Board, and Nguyen Thi Dieu Linh, general director of the Hanoi Valuation and Investment JSC. 

Bao Anh

Directorate of Market Surveillance officials arrested for abuse of power

Directorate of Market Surveillance officials arrested for abuse of power

While many officials have been honored for their excellent fulfillment of official duties, many others have been prosecuted for their involvement in trade fraud.

MORE NEWS

31-year-old monk ‘died and came back twice', 1.45m tall, weighs 28kg

Mr. Chau Soc Thon, 31, is a monk at Ta Pa pagoda in Tri Ton District in the southern province of An Giang, who stands at only 1m45 tall and weighs 28kg.

Vietnam's trade deficit returns

Vietnam incurred a trade deficit of US$2.7 billion in the first half of May, after earning a trade surplus of US$2.53 billion in January-April, according to the General Department of Vietnam Customs.

VIETNAM BUSINESS NEWS MAY 25

Mekong Delta eyes larger premium-quality rice areas to boost exports

Key southern economic region a magnet for FDI

With its advantages and thorough preparation in terms of infrastructure, transport and human resources, after the COVID-19 pandemic is put under control, the key southern economic region remains the leading destination for FDI flows.

BIDV, ADB release report on Vietnam’s financial market

The Bank for Investment and Development of Vietnam (BIDV) and the Asian Development Bank (ADB) on May 25 co-organised a workshop to announce a report on Vietnam’s financial market in 2021 and its 2022 outlook.

Vietnam's pharmaceutical industry sees promising propects

The pharmaceutical industry is growing steadily because input costs are stable compared to other industries and businesses are less affected in a high inflation environment.

Mindset change needed to face rising inflation

The entire world is facing a possible risk of an economic recession and high inflation. To prepare for any severe onslaught, Vietnam needs to think in terms of its own rising inflation and growth rate and be well prepared for the future.

Vietnam's aviation industry needs more financial help to recover

Vietnam needs policies to support and remove difficulties for domestic airlines to regain their growth momentum in the post-COVID recovery period, transport experts said yesterday.

Tay ethnic group’s banh peng pha ranks first among VN’s top 100 specialities

In Tay ethnic group language, bánh pẻng phạ or bánh trời (heaven cake) has put Bac Kan on the map as one of the traditional speciality centres of Vietnam.

Provinces lack doctors due to low income

Doctor shortages have been growing across many provinces, despite efforts from the health sector to attract human resources.

VIETNAM NEWS HEADLINES MAY 25

NA discusses amended draft laws on medical check-up and treatment, cinematography

Trans-Vietnam highway project lags two years behind schedule

The trans-Vietnam 2,744-km-long Ho Chi Minh Highway Project was planned to open in 2020 but so far only around 86 percent of the work has been completed, Minister of Transport Nguyen Van The told National Assembly deputies on May 24.

Big-budget films compete with each other in movie market

There have been films invested VND50-60 billion in the Vietnamese film market. This trend seems not to stop and more money will likely be poured into the movie market.

Hanoi’s second metro line project delayed further 5 years

Hanoi Urban Railway Management Board has proposed delaying the Nhon-Hanoi Railway Station project for five years, with an additional investment capital expenditure of more than VND4.9 trillion (US$211.2 million).

Agri-tourism: Mekong Delta targets two birds with one stone

Ecotourism, especially agri-tourism will be a dominant trend as the Mekong Delta strives to develop its tourism industry, experts say.
back_to_top