Forcibly seize assets of Alibaba CEO Nguyen Thai Luyen to enforce judgment

As planned, on March 6, the Ho Chi Minh City Civil Judgment Enforcement Department will enforce the civil part related to the case of Nguyen Thai Luyen (37 years old, Chairman of Alibaba Real Estate Joint Stock Company) for fraud and property appropriation.

Accordingly, the number of victims in the case is 4,929 people, the number of victims who have filed a request for enforcement of the judgment up to the time of issuance of the decision on compulsory enforcement of the judgment is 3,899 people residing in many different provinces and cities, with diverse and complex social components.

During the execution process, the enforcement officer handled more than VND 57 billion to pay the victims. At the same time, the enforcement officer fully notified Luyen and Mai of the execution decisions as prescribed.

During the investigation, the authorities seized 57.4 billion VND; 272 pieces of gold; 9 cars, 2 motorbikes, 113 CPUs, 24 hard drives, 172 laptops... to ensure Nguyen Thai Luyen's compensation obligations.

The time limit for voluntary execution of the judgment has now expired, and Mr. Luyen and Ms. Mai have not voluntarily executed the judgment. Therefore, the enforcement officer issued compulsory execution decisions to seize and handle the temporarily detained assets to ensure execution of the judgment.

According to regulations, from the date the judgment comes into legal effect, the Civil Judgment Enforcement Agency issues a decision to enforce the judgment. If Nguyen Thai Luyen and Vo Thi Thanh Mai have not yet executed the amount of money as declared by the judgment, they will have to pay additional monthly interest at the interest rate arising from late execution of the judgment.

Previously, on May 19, 2023, the High People's Court in Ho Chi Minh City upheld the life sentence of Alibaba CEO Nguyen Thai Luyen.

Defendant Vo Thi Thanh Mai (Luyen's wife, Director of Alibaba Law Firm) was sentenced to 16 years in prison for fraud and appropriation of property and 7 years in prison for money laundering, a total sentence of 23 years in prison (7 years less than the first instance verdict).

Defendants Nguyen Thai Luc and Nguyen Thai Linh (Luyen's two younger brothers) were sentenced to 21 years in prison and 16 years in prison respectively for fraud and money laundering. Defendant Thai Luc had his sentence reduced by 6 years and Thai Linh's by 1 year compared to the first instance verdict.

The remaining defendants were sentenced to 8-17 years in prison for fraud and property appropriation.

Regarding civil liability, the Trial Panel ordered the defendants Nguyen Thai Luyen and Vo Thi Thanh Mai to jointly be responsible for compensating the victim nearly 2,447 billion VND.

In addition, defendant Mai is required to continue to pay the remaining amount of more than 6 billion VND to ensure compensation obligations for money laundering.

According to the content of the case, defendant Nguyen Thai Luyen directed the entire operation process of Alibaba Real Estate JSC and 22 affiliated legal entities as investors of 58 "ghost projects".

To create trust and attract customers, Luyen has come up with a sales tactic of committing to buy back at a higher price of 30% after 12 months or 38% after 15 months from the date of payment; or re-rent at a price of 2%/month from the date of signing and paying 95% of the contract value.

Most customers who received land transfers in the form of residential land offered by Alibaba Company did not receive land use right certificates in the form of residential land as committed, but were instead transferred to the form of interest payment or repurchase by the company according to the option contracts or attached contract appendices.

The entire illegally self-drawn residential project that Alibaba Company transferred to customers is not residential land as stated in the transfer contract.

Therefore, this is not considered a legal civil contract that can be performed according to the option contracts or accompanying contract appendices.