As previously reported by VietNamNet, the case is part of a broader investigation involving the Vietnam Rubber Group, Dong Nai Rubber Corporation, Ba Ria Rubber Company, HCMC People's Committee, and the Ministry of Agriculture and Environment. The Ministry of Public Security has completed its investigation and recommended that 22 individuals be prosecuted for five separate charges.

Nguyen Thi Nhu Loan (born in 1960), CEO and Chairwoman of QCGL, has been proposed for prosecution for “violating regulations on management and use of state property causing loss and waste.”

Investigators found that the land lot at 39-39B Ben Van Don originally belonged to the former regime and was appropriated by the HCMC People’s Committee and assigned to the Vietnam Rubber Group for business use.

As this land was public property, it was required to be handled under Decision No. 09/2007/QĐ-TTg. However, Le Quang Thung, then acting Chairman and CEO of the Vietnam Rubber Group, failed to implement the approved plan.

In December 2009, Thung reached an informal agreement with Le Y Linh (former Director of Viet Tin Co., Ltd.) and Dang Phuoc Dua (then Chairman of Phu Viet Tin Co., Ltd.) to transfer the 39-39B lot for 1,200 USD per square meter, using a scheme involving capital transfer via the shell company Phu Viet Tin.

As part of the agreement, Linh would return 3 million USD to the Vietnam Rubber Group, with Thung personally receiving 1.2 million USD (200 USD/m²).

On November 30, 2009, Linh and Dua signed a joint investment agreement for the 39-39B Ben Van Don project. Linh would finance the project, Dua would handle the legal work, and profits would be split 80/20.

Acting on this deal, Thung directed his subordinates to establish Phu Viet Tin and petitioned the HCMC People's Committee to reassign the land to this company. All legal documentation and the company seal were handed over to Linh and Dua.

By January 27, 2010, Thung’s subordinates submitted a proposal to transfer 99% of Phu Viet Tin’s shares to Retro Harvest Finance, owned by Le Y Linh, for over 7.1 million USD.

Linh and Dua later negotiated a lower price of 950 USD/m² due to a planned road cutting through the property, and the land area was reduced from 6,201.9 m² to 5,725 m².

In late 2011, shortly before Thung’s retirement, Linh allegedly gave him 300,000 USD in a Hermès orange bag during a dinner meeting to thank him for approving the share transfer and to request further project support.

Additionally, Linh and Dua allegedly gave 250 million VND to Nguyen Thanh Chau, Chairman of Dong Nai Rubber Corporation, during Tet 2011, and 50,000 USD to Nguyen Cong Tai, Chairman and CEO of Ba Ria Rubber, upon his retirement in March 2013, as “gifts of appreciation.”

The fate of 39-39B Ben Van Don

In November 2013, Nguyen Thi Nhu Loan learned that Linh and Dua intended to sell the project. She visited the site and reviewed the zoning plans, fully aware that Phu Viet Tin had not yet paid land use fees or obtained land title certificates.

Nonetheless, she negotiated with them and authorized Dua to sign a “sale commitment” agreement on December 6, 2013, agreeing to buy 100% of Phu Viet Tin’s shares for 460.9 billion VND (including land use fees).

Before finalizing her ownership of Phu Viet Tin, Loan had already signed an investment agreement with Bui Cao Nhat Quan, Chairman of Thinh Vuong Real Estate JSC (part of Novaland Group), pledging to resell her stake for over 846 billion VND. After expenses, she reportedly gained more than 297 billion VND (nearly 12 million USD).

Investigators found that the current owner of the land - Nova Phuc Nguyen Real Estate Investment and Development Co., Ltd. - is a third party acting in good faith. The company has executed the project according to HCMC's zoning and has sold units to buyers.

However, buyers have yet to receive ownership certificates. Investigators have transferred the case files to the Ho Chi Minh City People’s Court, recommending that the matter be addressed during the trial to protect the interests of these buyers under Vietnamese law.

T. Nhung