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Ms. Truong My Lan used 147 million USD through Viva Land to buy shares of Amaland PTE Company in Singapore. This is being proposed to be investigated to clarify where the money came from.
The case of Ms. Truong My Lan and her accomplices was closed after the first instance trial. Much information related to projects and cooperative relationships between Ms. Truong My Lan and individuals and businesses was revealed.
According to the first instance criminal verdict of the case, Ms. Truong My Lan used 147 million USD through Viva Land Company to buy shares of Amaland PTE Company in Singapore.
Amaland PTE is the unit that owns 100% of the capital of Sing Viet Urban Company Limited - the investor of the resettlement area project - Sing Viet urban area with a scale of 360 hectares in Binh Chanh district, Ho Chi Minh City.
The verdict from the Ho Chi Minh City People's Court said that the Sing Viet area includes two component projects: the Sing Viet new urban area and the Sing Viet new urban area resettlement area.
The project has been granted an investment certificate by the Ministry of Planning and Investment and the Ho Chi Minh City People's Committee, a decision approving the environmental impact assessment report; a decision approving the detailed planning at a scale of 1/2,000, and some subdivisions have been approved at a scale of 1/500.
Regarding the current status of the project, the resettlement area has been compensated and cleared, but the urban area has not been compensated yet. Both subdivisions have not been granted a construction permit.
On April 5, 2020, Amaland (seller) and Singapore - Vietnam Investment Joint Stock Company (SVIC) signed a contract to transfer capital contribution at Sing Viet Urban Company Limited for 170 million USD.
The buyer paid 16.5 million USD in advance and transferred 50 million USD each time into a locked account for Amaland.
However, Ms. Truong My Lan also used 147 million USD through Viva Land Company to buy shares of Amaland. Amaland authorized three individuals designated by Ms. Truong My Lan to hold capital contributions at Sing Viet Urban Company Limited.
Because both Ms. Lan and her husband, Mr. Chu Lap Co, were under investigation, Amaland (Singapore) refused to complete the procedures to transfer shares to Chu Duyet Phan - Ms. Lan's daughter.
The court's judgment also mentioned that SIVC is suing Amaland Company and Mr. Dato Yap at the People's Court of Ho Chi Minh City.
According to the Ho Chi Minh City People's Court, Ms. Lan used a lot of SCB's money to buy real estate. However, whether Ms. Lan used money from SCB through Viva Land to buy shares in Amaland or not has not been clarified.
Therefore, the jury requested C03 to continue investigating to have a basis to recover this amount of money from Amaland and Ms. Lan to remedy the consequences of the case.
Viva Land was once considered an emerging "giant" in the real estate market after acquiring many "golden land" projects both in the South and the North.
Typically, the Saigon One Tower building located right on the "golden" land in District 1 at 34 Ton Duc Thang has now been acquired by Viva Land and renamed IFC One Saigon.
Viva Land's acquisition of Capital Place was also a sensation in the press for a while. In 2022, the press widely reported that Viva Land, through its affiliates, had officially announced its ownership of the Capital Place building (No. 29 Lieu Giai, Ba Dinh District, Hanoi).
Recently, the Capital Palace building was mentioned more when at the trial of the Van Thinh Phat case, Ms. Truong My Lan wanted to sell the Capital Palace building for 1 billion USD to remedy the consequences of the case.
According to information from the national business registration information system, Viva Land was established in May 2019.
When it was first registered, the company was named Cirius Power Joint Stock Company with a charter capital of VND 2,000 billion contributed by 3 Vietnamese individuals.
Specifically, the three founding shareholders include Ms. Nguyen Thi Kim Khanh with 600 billion VND, equivalent to 30% of the capital; Ms. Duong Thi Hanh contributed 20% equivalent to 400 billion VND, and Ms. Nguyen Thi Ngoc Mai contributed 25%, equivalent to 500 billion VND. At this time, Ms. Khanh holds the role of general director. By 2020, Cirius Power changed its name to Viva Land Investment and Development Joint Stock Company as it is now.
In the change of business registration in December 2021, the role of legal representative and general director was transferred from Ms. Khanh to Mr. Lim Boon Hwee (Singaporean nationality, born in 1968). Whether the shareholder structure has changed or not was not disclosed.
By September 2022, Viva Land will move its headquarters from 2 Ton Duc Thang, District 1 to 69 Dong Khoi, District 1, Ho Chi Minh City.
Three months later, the legal representative and general director of the company continued to change from Mr. Lim Boon Hwee to Mr. Truong Quang Muoi. The chairman of Viva Land is Mr. Chen Lian Pang - a person known as the former leader of CapitaLand.
NH (according to Tuoi Tre)
