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Quoc Cuong Gia Lai, T&H Ha Long, Au Lac Quang Ninh, Phu An, Hong Phat Real Estate... are businesses that must pay back thousands of billions of dong to ensure the obligation to compensate Ms. Truong My Lan in the Van Thinh Phat - SCB case.
The People's Court of Ho Chi Minh City has just announced the full text of the hundreds-page verdict on the violations of Ms. Truong My Lan and her accomplices in the case at SCB and Van Thinh Phat.
In addition to the punishment for the defendants, the court also issued a decision on the handling of assets and responsibilities of related parties. In particular, Quoc Cuong Gia Lai Joint Stock Company is forced to return more than VND 2,882 billion it received from defendant Truong My Lan to ensure the performance of this defendant's obligations.
At the same time, the court decided to continue to seize 475 real estates related to Quoc Cuong Gia Lai to ensure the company's obligations.
According to the verdict, Ms. Lan, through Sunny Island Investment Joint Stock Company, signed a contract promising to buy and sell the Bac Phuoc Kien residential area project (Nha Be district, Ho Chi Minh City) with Quoc Cuong Gia Lai for 14,800 billion VND.
After that, Ms. Lan paid Quoc Cuong Gia Lai 2,882 billion VND and received documents related to compensation for site clearance of the above project. After paying back this amount, Quoc Cuong Gia Lai will receive back all real estate and related documents.
Meanwhile, Quoc Cuong Gia Lai's business results declined. Specifically, the company's consolidated revenue in the first quarter of 2024 reached only nearly 39 billion VND and after-tax profit was more than 651 million VND, down 76% and 28% respectively over the same period.
As of the end of March 2024, Quoc Cuong Gia Lai's total assets were VND 9,515 billion, but inventories accounted for more than VND 7,033 billion. Cash was only VND 29.6 billion.
Another company, Hong Phat Real Estate JSC, was forced to pay back more than VND2,355 billion to ensure its obligation to compensate Ms. Lan.
Since March 2003, Hong Phat has been approved by the People's Committee of Long An province to invest in a high-end residential area and a horse racing track with an area of over 324 hectares in Duc Hoa district.
To implement the project, Hong Phat signed a cooperation framework agreement with China Polycy Limited (CPL), in which Hong Phat only holds 30% of the capital, the rest is CPL.
According to the agreement, CPL transferred more than 15.6 million USD to Hong Phat, but then Hong Phat did not establish a joint venture company as agreed. CPL sued Hong Phat at the VIAC Arbitration Center and was ruled that "Hong Phat must implement the framework agreement, establish a joint venture company...".
By 2019, Hong Phat had borrowed more than VND 2,355 billion from Ms. Truong My Lan. Ms. Lan demanded that Hong Phat use 13 land use rights in Duc Hoa (Long An) as collateral for Ms. Lan's companies to borrow money from SCB. Therefore, the court ruled that Hong Phat must return the money borrowed from Ms. Lan and SCB will have to return the 13 land use rights mentioned above so that this company can implement the arbitration decision.
Another company that also needs to pay back a large amount of money related to Ms. Truong My Lan is Phu An Company, represented by Ms. Phan Thi Phuong Thao.
According to the first instance criminal verdict, Ms. Thao and Phu An Company had a cooperative transaction with Ms. Truong My Lan. Currently, Ms. Thao and Phu An Company still owe Ms. Lan 145 billion VND and 1,000 taels of SJC gold.
To ensure the complete recovery of assets for the State, the court ordered Phu An Company and Ms. Thao to return the above money and gold to ensure Ms. Lan's obligations in the entire case.
Notably, T&H Ha Long Joint Stock Company and Au Lac Quang Ninh Company Limited also have to pay back more than 6,095 billion VND. Both of the above enterprises are related to Mr. Dao Hong Tuyen and his son - Chairman of Tuan Chau Group.
According to the first instance criminal verdict of the case of Ms. Truong My Lan and her accomplice, Mr. Dao Anh Tuan (son of Mr. Dao Hong Tuyen), T&H Ha Long and Au Lac Quang Ninh received a total of 6,095 billion VND from Ms. Truong My Lan.
The cooperation between Ms. Lan and the Tuan Chau ecosystem enterprise mainly involves more than 18 million shares, equivalent to 71% of capital at T&H Ha Long, and part of the Morning Star villa project and Hoang Long villa project.
However, according to the case file, Ms. Lan actually transferred VND6,095 billion to two enterprises T&H Ha Long and Au Lac Quang Ninh, and this money came from SCB. Therefore, the court ordered the recovery of the above amount to SCB to ensure the settlement of the case.
A real estate in District 3 (Ho Chi Minh City) was registered under Ms. Truong My Lan’s name. Later, this real estate became collateral for a loan worth more than 400 billion VND at Sacombank.
According to the first-instance criminal verdict in the case of Ms. Truong My Lan, Sacombank had a number of assets mortgaged to secure loans at the bank but were stopped by the Ministry of Public Security's Investigation Police Agency during the process of reviewing and verifying assets related to the case.
These real estates are collateral for loans at Sacombank and these loans are all in the bad debt group, requiring the handling of collateral assets to recover debt and remedy damages to Sacombank according to the agreement of the parties in the contracts.
The court's verdict stated: to ensure the bank's rights as well as ensure the complete recovery of assets for the State, it is necessary to consider ending the blocking of transactions and handing over real estate to the bank.
This is to ensure the handling of loans at the bank, the remaining amount after handling debts (if any) is requested to be returned by the bank to ensure the corresponding obligations of the defendants.
In the list, there is a real estate at 53 Pham Ngoc Thach, Ward 6 (now Vo Thi Sau Ward, District 3, Ho Chi Minh City) under the name of Ms. Nguyen Thi Hoang. According to the verdict, this property is actually owned by Ms. Truong My Lan, and Ms. Nguyen Thi Hoang is only an individual whose name is used to secure a loan at the bank with a debt of 412 billion VND.
Ms. Nguyen Thi Hoang's total debt obligation to Sacombank, including principal and interest, is 475 billion VND. The value of the real estate at 53 Pham Ngoc Thach is valued at 480 billion VND.
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