What did Ms. Nhu Loan say about the land lot 39-39B Ben Van Don before being detained?

On July 19, the Investigation Police Agency of the Ministry of Public Security issued a Decision to prosecute, temporarily detain, and issue a search warrant for Ms. Nguyen Thi Nhu Loan, General Director of Quoc Cuong Gia Lai Joint Stock Company, for the crime of Violating regulations on management and use of State assets causing loss and waste as prescribed in Clause 3, Article 219 of the Penal Code.

The arrest of defendant Nguyen Thi Nhu Loan is part of the process of expanding violations occurring at the Vietnam Rubber Industry Group, Dong Nai Rubber Company, Ba Ria Rubber Company, the Ministry of Natural Resources and Environment , and units related to violations at the land project 39-39B Ben Van Don, Ward 12, District 4, Ho Chi Minh City.

Police searched Ms. Nhu Loan's house on July 19. Photo: NLĐ

However, in May 2024, after the leaders of a number of units related to the Vietnam Rubber Industry Group were prosecuted for their involvement in the use of public land at the 39-39B Ben Van Don project, Ms. Nguyen Thi Nhu Loan sent a document to the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE) to explain and affirm that Quoc Cuong Gia Lai was not related to the above land.

In the document, Ms. Loan said that in 2013, Quoc Cuong Gia Lai negotiated and signed a contract promising to transfer and deposit to Viet Tin Investment and Trading Joint Stock Company, represented by Mr. Dang Phuoc Dua (Viet Tin Company) on receiving the transfer of 100% of the capital contribution of Phu Viet Tin Company Limited (investor of the project 39-39B Ben Van Don).

Viet Tin Company and Ms. Le Y Linh are the authorized parties of the owner of this capital contribution transfer. The total cost of receiving the transfer of 100% of this capital contribution paid by Quoc Cuong Gia Lai according to the agreement with invoices and documents is 464.2 billion VND.

"Quoc Cuong Gia Lai has never worked or negotiated directly with Vietnam Rubber Industry Group, Dong Nai Rubber Company and Ba Ria Rubber Company regarding the transfer of this capital contribution" - Ms. Loan emphasized.

Ms. Nhu Loan once had a written explanation about the issues related to the land plot 39-39B Ben Van Don. Screenshot

Specifically, in August 2014, Quoc Cuong Gia Lai received the transfer of 79.2% of Phu Viet Tin Company's capital contribution from Viet Tin Trading Company Limited, represented by Ms. Le Y Linh; 19.8% of capital contribution from Viet Tin Company, represented by Mr. Dang Phuoc Dua.

On September 8, 2014, Quoc Cuong Gia Lai continued to receive the transfer of 1% of capital contribution from Dong Nai Rubber Corporation (0.72% of capital contribution, equivalent to 43.2 million VND of charter capital) and Ba Ria Rubber Company (0.28% of capital contribution, equivalent to 16.8 million VND of charter capital) at Phu Viet Tin Company. Thus, all of Phu Viet Tin was transferred to Quoc Cuong Gia Lai.

"This is according to the arrangement and request of Mr. Dua and Ms. Linh, representatives of the Seller, based on the fact that the Rubber Group has a document agreeing on the transfer of capital to Viet Tin Company Limited 80% (represented by Ms. Le Y Linh), transfer to Viet Tin Company 20% (represented by Mr. Dang Phuoc Dua), phase 1 transfer 99%, phase 2 transfer 1%" - the document of Quoc Cuong Gia Lai explains.

She also said that before making the transaction, Quoc Cuong Gia Lai had studied the legal documents of Phu Viet Tin Company, as well as the project's legal documents, fully and in accordance with regulations, before signing the contract to receive the transfer.

Meanwhile, in 2021, Conclusion 757 of the Government Inspectorate clearly stated that the land plot 39-39B Ben Van Don originated as state-owned land, managed by 2 enterprises under the Vietnam Rubber Industry Group.

Specifically, in 2009, two state-owned enterprises, Dong Nai Rubber Corporation Limited Company and Ba Ria Rubber Company, contributed 72% and 28% of capital respectively to establish Phu Viet Tin Company Limited (Phu Viet Tin Company) and were assigned land by Ho Chi Minh City for investment and business.

In March 2010, the Ho Chi Minh City People's Committee issued Decision No. 1366 to reclaim the land at 39-39B Ben Van Don and hand it over to Phu Viet Tin Company for investment and business according to the plan.

In early September 2014, Quoc Cuong Gia Lai acquired all capital contributions of Dong Nai Rubber Company and Ba Ria Rubber Company at Phu Viet Tin to own 99.5% of the capital of this enterprise.

After a few months, Quoc Cuong Gia Lai transferred 40% of its capital at Phu Viet Tin to Thinh Vuong Real Estate JSC for more than 340 billion VND. Transferred 0.5% of its capital at Phu Viet Tin to Ms. Lai Thi Hoang Yen for 3 billion VND. Transferred the remaining 54% of its capital at Phu Viet Tin Company to City Villa JSC for 459 billion VND.

By 2017, Phu Viet Tin Company signed a merger contract with Phuc Nguyen Real Estate Investment and Development Company Limited to form Nova Phuc Nguyen Real Estate Investment and Development Company Limited, after which the land was developed into a project called The Tresor.

Why sell project 39-39B Ben Van Don?

Regarding project implementation and capital transfer, Quoc Cuong Gia Lai said that the 39-39B Ben Van Don project has a beautiful location, however, due to the financial plan focusing on the Phuoc Kieng project, it is impossible to invest in two projects at the same time, so the company must sell this project to reduce financial burden and avoid risks for the company and shareholders.

When approaching, negotiating and bargaining, Quoc Cuong Gia Lai realized that this was a project with sufficient legal status according to current regulations, so it decided to accept the transfer of capital contribution of Phu Viet Tin Company. The selling representatives, Ms. Linh and Mr. Dua, have registered their business licenses clearly at the Department of Planning and Investment of Ho Chi Minh City.

"Whether or not to auction is the legality of the project, decided by the government agency and the City People's Committee on the legality of the project in each period 10 years ago" - the document of Quoc Cuong Gia Lai clearly stated.

Source: https://nld.com.vn/ba-nhu-loan-tung-noi-gi-ve-khu-dat-39-39b-ben-van-don-truoc-khi-bi-tam-giam-196240719190955691.htm