VietNamNet Bridge - Vietnamese businessmen have lost billions of dong worth of their assets in a number of high-profile divorce cases.

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Trung Nguyen Coffee Corporation’s chair Dang Le Nguyen Vu 

The news that the Trung Nguyen Coffee Corporation’s chair Dang Le Nguyen Vu has lost control of the instant coffee company to his wife surprised the business community.

With the decision released by the Binh Duong Province's Planning and Investment Department, Vu is no longer the legal representative of the Trung Nguyen Instant Coffee Company JSC. 

The department restored the previous business registration certificate of the company granted in November 2013, which named Le Hoang Diep Thao, Vu's wife, as the legal representative of the company.

Vu and Thao are awaiting the court’s ruling on the divorce. Since late 2015, disputes about the right to control some subsidiaries of Trung Nguyen Group have arisen. 

Thao said that Vu dismissed Thao from the post of the chair of the board of directors and CEO of the Trung Nguyen Instant Coffee JSC and changed the company’s legal representative.

However, Thao has reclaimed the status of legal representative for Trung Nguyen Instant Coffee JSC. She is also the legal representative of other two subsidiaries of Trung Nguyen Group.

Vietnamese businessmen have lost billions of dong worth of their assets in a number of high-profile divorce cases.
The divorce case of Bui Duc Minh and Nguyen Thanh thuy, deputy chair of Bao Son Group, the daughter of Bao Son Group in 2011, also caught special attention from the public because of the huge assets in dispute, worth $500 million (VND10 trillion).

Bao Son Group is well known in Vietnam as the developer of the first high-end privately-run hotel in Vietnam and some other huge projects, including the Bao Son Paradise. 

Minh argued that the assets, which are in Bao Son Group and seven other companies owned by Bao Son, were created during the marriage, but most of the shares were under Thuy’s name and he must have a part of the shares.

The divorce case was still not settled when the Hanoi Police in 2012 unexpectedly arrested Minh, who was charged with slandering high-ranking police officials.

In December 2012, Tran Van Muoi, chair and CEO of Nam Sao International Group,had a dispute over assets worth VND2 trillion in a divorce case. 

Giang wanted 50 percent of assets which included 10 villas in HCM City, Vung Tau, Hai Phong and other properties. However, Muoi said most of the assets were used to borrow for business.

Nguyen Duc An, a Viet Kieu businessman and his wife, a supermodel, divorced in 2011. The businessman has claimed back the assets worth VND288 billion which are under Thuy’s name. A final decision has not been released.


VNE