Recently, Mr. Nguyen Khanh Hung - former Chairman of LDG Investment Joint Stock Company reappeared after completing his prison term for serious violations at the Viva Park project. Notably, this appearance attracted even more attention in the context of LDG shares continuously hitting the ceiling, having to explain twice to HoSE in less than 1 month.
Excited about the former leader's appearance?
On June 26, 2025, the image of Mr. Nguyen Khanh Hung - who was sentenced to 16 months in prison for defrauding customers - appeared at the 2025 Annual General Meeting of Shareholders, shaking hands with the new Board of Directors of LDG, surprising many people. More importantly, LDG itself confirmed that Mr. Hung would soon return to work, continuing to participate in handling the "mountain of trouble" that he had contributed to creating.
Immediately, LDG shares reacted as if they had received great news, hitting the ceiling for 5 consecutive sessions from June 26 to July 2, taking a break for exactly one day, then continuing to hit the ceiling for 5 more sessions from July 4 to July 10. In total, in less than two weeks, the shares jumped nearly 93%, from VND2,500 to VND4,830. The company then had to send two written explanations to HoSE, citing “objective supply and demand developments” and “optimistic investor sentiment.”
An explanation that sounds both familiar and ironic in the context of LDG still struggling to bear the consequences of its past wrong decisions.
LDG Chairman - Mr. Nguyen Khanh Hung was once entangled in legal trouble for building hundreds of illegal houses.
The worrying point is that LDG's current financial health is completely out of proportion with the "heat" of its stock price. The audited financial report for 2024 shows that the company has accumulated losses of more than VND 1,375 billion, accounting for 53.5% of its charter capital. Total debt has reached nearly VND 900 billion, while cash at the end of the first quarter of 2025 is only VND 3.3 billion - enough to... pay salaries for a few months, but difficult to handle a series of maturing debt obligations.
It was also Moore AISC auditors who had to note “substantial doubt about LDG’s ability to continue as a going concern,” as the company’s future depends entirely on restructuring, debt extension, and cash flow from business cooperation projects.
However, at the Shareholders' Meeting, LDG was still confident in approving the 2025 revenue plan of nearly VND 1,822 billion, after-tax profit of VND 91.5 billion - an optimistic picture that is somewhat unrealistic when looking at the 2024 business results with revenue of only VND 173 billion and net loss of nearly VND 1,506 billion.
Viva Park is now seen as an escape route?
Previously, on May 29, 2023, the Investigation Police Agency, Dong Nai Provincial Police decided to initiate a criminal case to investigate the crime of Abusing position and power while performing official duties, occurring at the Tan Thinh residential area project (Viva Park) invested by LDG Joint Stock Company, in Doi 61 commune, Trang Bom district (old).
By the end of 2023, the Investigation Police Agency of Dong Nai Provincial Police issued a Decision to prosecute the accused and an Arrest Warrant to temporarily detain Mr. Nguyen Khanh Hung, Chairman of LDG Investment Joint Stock Company, to investigate the act of "Deceiving customers" as prescribed in Article 198 of the Penal Code 2015 (amended and supplemented in 2017).
Through the trial process, on April 28, 2025, the People's Court of Dong Nai province sentenced the former Chairman of LDG to 16 months in prison for the crime of "Deceiving customers". According to the indictment of the People's Procuracy of Dong Nai province, in September 2016, the People's Committee of Dong Nai province approved the policy and agreed on the location for LDG Company to carry out investment procedures to build the Tan Thinh residential area project with an area of over 18 hectares.
From May 14, 2018 to August 21, 2020, although not yet approved by the Prime Minister , LDG Company has leveled the ground, built roads, and constructed 680 houses and infrastructure works on a total land area of more than 18 hectares.
During the process of signing the principle contract for buying and selling houses with customers, Mr. Hung and Mr. Nguyen Quoc Vy Liem, former Deputy General Director in charge of the business and marketing division of LDG (also sentenced to 12 months in prison) illegally profited more than 533 billion VND from 359 customers.
Viva Park Project of LDG Investment Joint Stock Company
At the first-instance trial on April 16 at the Dong Nai Provincial People's Court, Mr. Hung said that because he was too subjective and hasty, he proceeded with the project without complete legal documents. According to Mr. Hung, after outlining the plan, the entire project implementation was carried out by subordinates, but because he was too subjective and hasty, the incident occurred.
Regarding the amount of money collected from customers of more than 533 billion VND, Mr. Hung said that he has invested all of it in the project. If all customers request to receive their money back, Mr. Hung will have to transfer the project (currently invested in the project is about 1,000 billion VND). If customers agree to receive the house, Mr. Hung promises to carry out the project by continuing to complete the procedures because the Tan Thinh Residential Area project currently only lacks some conditions regarding legal procedures.
It is worth mentioning that, up to now, the Viva Park project has become the hope to save LDG from the brink. The company said that most customers do not want their money back but agree to receive their houses when real estate prices have increased significantly. Dong Nai province is also supporting to remove legal obstacles so that the project can continue.
This fact helps LDG rekindle some prospects for product delivery, but also reflects its heavy dependence on a project that was once the main “incriminating evidence”. Meanwhile, LDG shares continue to attract speculators, despite the fact that the company itself still has to explain to HoSE after a series of unusual ceiling price increases.
Source: https://baolamdong.vn/co-phieu-ldg-tang-tran-lien-tiep-sau-su-xuat-hien-cua-cuu-chu-cich-tung-dinh-vong-lao-ly-381987.html
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