return icon Vietnamnet.vn

Vietnam’s coffee king still leads Trung Nguyen Group following divorce

Dang Le Nguyen Vu, 48, founding chairman and general director of Trung Nguyen Group, continues to lead his coffee empire as he formally ends his marriage to 46-year-old Le Hoang Diep Thao.

 

Dang Le Nguyen Vu, founding chairman and general director of Trung Nguyen Group, and his ex-wife, Le Hoang Diep Thao – PHOTO: PLO

 

 

After four days of deliberations and proceedings, the HCMC Superior People’s Court made its final ruling in the court of appeals today, December 5. Thao and some of her lawyers were absent, while Vu was in court early, according to local media reports.

The panel of judges turned down the appeals of the newly divorced couple and accepted part of the appeal by the HCMC People’s Procuracy.

Earlier, Thao sought to overturn the verdict of the HCMC People’s Court as she wanted to be reunited with Vu, often referred to as “the coffee king.”

She also disagreed with the lower court’s decision to split the couple’s shared assets in Trung Nguyen 60:40 in Vu’s favor and give him the rights to control the group.

Meanwhile, Vu appealed against the court’s ruling on the settlement of the couple’s shared assets and repeated his original demand for 70% of the couple’s assets.

However, the higher court upheld the first-instance verdict of the lower court.

As such, their marriage has now ended in divorce, with Thao retaining custody of their four children and Vu providing VND10 billion (over US$430,000) per year in child support from 2013 until they graduate from university.

Their combined stake in Trung Nguyen Group and its subsidiaries is worth more than VND5.36 trillion (US$232 million). The court determined that Vu had made more contributions to the establishment and development of the coffee empire than Thao, so it gave him 60% of the shares.

Since the division of the group’s shares may cause difficulties for its operations, the court ruled that Vu would acquire all of Thao’s shares and give her the proceeds, so the latter will no longer be a major Trung Nguyen shareholder.

Their 13 properties are to be divided equally. Vu now owns six properties worth more than VND350 billion, while Thao holds the rest, valued at over VND375 billion. Thao will have to pay Vu the balance of VND12.5 billion.

With regard to their monetary assets of more than VND2 trillion worth of gold and deposits in Vietnamese dong and foreign currencies held in local banks, Vu gets a proportion of 60% while the remainder belongs to his ex-wife.

The higher court noted that Vu has volunteered to offer Thao their shared business, Trung Nguyen International, in Singapore.

Thao told the local media on Wednesday that this company is valued at some VND100 billion and is “as small as a nail,” compared with the value of all the assets held by Trung Nguyen Group.

Vu and Thao were ordered to pay respective fees of over VND3 billion and VND4 billion.

They were married in 1998, but conflicts arose in 2013. Consequently, Thao filed for divorce in 2015 and asked for 51% of Trung Nguyen Investment JSC, which holds the majority stake in Trung Nguyen Group.

She also proposed that she and Vu each own a 15% stake in Trung Nguyen Group and a 7.5% stake in Trung Nguyen Instant Coffee. Thao agreed to give Vu her shares in the other four companies under the Trung Nguyen brand.

However, Vu wanted to acquire a 70% stake in all companies under the Trung Nguyen brand and to buy the remaining shares from Thao in cash.

Trung Nguyen is a leading coffee brand in Vietnam, with some 200,000 coffee shops nationwide. SGT

 
Trung Nguyen to open 3,000 E-Coffee shops by 2020

Trung Nguyen to open 3,000 E-Coffee shops by 2020

The Trung Nguyen group, Vietnam’s famous coffee business, plans to open 3,000 E-Coffee shops by 2020, before bringing the franchise chain to overseas market.

Divorce dispute keeps pulling down Trung Nguyen

Divorce dispute keeps pulling down Trung Nguyen

The three-year divorce dispute keeps dragging down local coffee giant Trung Nguyen, which reported only half of its 2017 profit in 2018.  

MORE NEWS

Downpours cause human, property losses in northern Vietnam

Hanoi and other northern provinces were inundated following heavy rains on May 23 and 24 that have caused human and property losses.

Vietnam puts forward numerous important proposals at WEF Davos 2022

Deputy Prime Minister Le Minh Khai has shared the nation’s plans to build a low-carbon, green-ecological-sustainable agriculture system with three pillars; ecological agriculture, modern countryside, and smart farmers.

Various Party members in HCM City disciplined

The Ho Chi Minh City Party Committee’s Inspection Board has disciplined seven Party members for their involvement in four cases monitored by the Central Steering Committee for Corruption and Negative Phenomena Prevention and Control.

Government proposes delay to submission of draft amended Land Law to NA

The Government has proposed a delay to a submission of the draft Law on Land (amended) to the National Assembly (NA) until the Party Central Committee issues directions on reforms of land-related policies and laws.

New records, outstanding athletes of SEA Games 31

A total of 22 new records were set at the 31st Southeast Asian Games (SEA Games 31) which concluded with a colourful ceremony in Hanoi on May 23 night.

VIETNAM NEWS HEADLINES MAY 24

Traffic accidents claim over 2,760 lives in five months

Obstacles yet to clear to pave way for robust industrial property development

Vietnam has not yet reached its full potential in industrial property development, due to inadequate regulations and a lack of social infrastructure.

Teen suicide: 'red warnings' ignored

According to statistics, about 2% of children suffer from depression. The rate is from 5% to 8% for adolescents. The rate is higher among children after puberty.

Prime Minister to host dialogue with farmers on May 29

Prime Minister Pham Minh Chinh will host a dialogue in Son La on May 29 with a participation of 500 delegates, including 300 typical farmers, cooperatives and enterprises in the agricultural field along with experts and scientists across the country.

Will housing prices cool down in late 2022?

The boost in sales and the slowdown of the land bank expansion are expected to help  land and house prices decrease in the remaining quarters of 2022, according to VNDirect Research.

Just 15 percent of urban wastewater treated

According to the Government's report, the total amount of wastewater collected and treated in urban areas is very low, only about 15 percent whereas wastewater in most rural residential areas is not treated.

VIETNAM BUSINESS NEWS MAY 24

Tight material supply impedes textile exports

Stock, real estate markets too hot, need close supervision

The Government has submitted to the National Assembly a report about the implementation of the 2021 socio-economic development plan and the deployment of the 2022 plan.

Hoi An sampan riders: the hardships and the smiles

Entering a new normal phase after more than two years of being hit hard by the COVID-19 pandemic, sampan riders in Hoi An City are eager to get back to work, expecting prosperous, stable tourism development for the town.

HCM City to host Smart City Asia 2022

A Smart City Expo & Forum in Asia (Smart City Asia 2022) will be held at the Saigon Exhibition and Convention Centre in Ho Chi Minh City from May 26 to May 28.
back_to_top