The enforcement notice requires parents to transfer their children to another school within 30 days from the date the THA posted the notice; teachers and employees at the school must work with the Board of Directors to resolve their rights. What makes many parents unhappy is that the above requirements were made by the Thu Duc City THA to serve the enforcement and recovery of assets according to the Commercial Business Appeal Judgment from August 24, 2020 of the Ho Chi Minh City People's Court and the THA decision according to the request on October 12, 2020 of the old District 2 Civil THA Office. Thus, the old District 2 Civil THA Office and Thu Duc City now have a fairly long period of time, up to 4 years, to be able to choose a more suitable THA time.
Therefore, this has caused hundreds of parents whose children are studying here to be upset and sign a collective petition to send to many authorities. Because in addition to having to run around looking for a place to transfer their children, the sudden enforcement has also caused significant economic damage to many parents. Especially those parents who have paid full tuition for their children until the end of the years from 2027 - 2030 with a total amount of several hundred thousand to more than one million USD to the school.
According to the Investment Certificate issued by the Ho Chi Minh City People's Committee to Saigon Star International Company Limited, Saigon Star International School is operating on a land area of 7,654m2 in Thanh My Loi residential area, Thu Duc City. The total investment capital of the project is 300 thousand USD, the operation period is within 25 years from July 2005, authorized by Mr. Arunachalam Nandaa Kumar, an Indian national. On this Investment Certificate, the Ho Chi Minh City People's Committee requires that during the operation of the enterprise, it must make periodic reports to the Department of Education and Training and relevant authorities. However, the major and long-lasting dispute that occurred here has not been promptly advised by the Department of Education and Training and local authorities to parents whose children study at the school.
The land for the construction of the above international school was transferred by Binh Dinh Sugarcane Joint Stock Company (Bisuco), also with Mr. Kumar as the legal representative, from the investor of the residential area project here, Thu Thiem Investment Joint Stock Company. The term of use of the land for the construction of this school ends in 2058. To carry out the investment in the above international school project, Bisuco established a legal entity, Saigon Star International Company Limited, to act as the investor.
In addition to the land for the international school, Bisuco also received the transfer of 4 more villa plots nearby. The transferred plots of land were then mortgaged by Bisuco at ACB Branch to secure loans. To have money to pay off the debt to ACB, on October 24 and 27, 2016, Mr. Kumar signed a notarized 3-party agreement with Asia Commercial Bank Asset Management and Exploitation Company Limited (ACBA) and the lender, ACB Long An Branch, to sell all plots of land and assets on the land of the international school.
According to the agreement, Bisuco agreed to sell to ACBA for 169 billion VND, the land for the international school and the assets on the land were sold for 112 billion VND. The parties also committed that after signing the notarized sale and purchase contract for the above assets, ACBA would be responsible for paying Bisuco 169 billion VND into an account opened at ACB Long An Branch. Then, this ACB Branch was authorized to represent Bisuco to use the above amount to pay off the bank loan for NIVL Joint Stock Company, and to pay off Bisuco's debt to ACB's financial leasing company. The remaining amount, ACB Branch was authorized to represent Bisuco to pay expenses and taxes of Bisuco related to the purchase and transfer of the assets. At the same time, it was used as a deposit for Bisuco's commitment to repurchase the above assets within 24 months from ACBA.
To fulfill the above commitment, on the day of signing the 3-party agreement, Bisuco and ACBA signed a contract to buy and sell the construction project and transfer the land to build this international school for 119 billion VND. However, right during the implementation of the above 3 commitments, on December 31, 2016, ACBA signed a contract to lease the Saigon Star International Company Limited (currently being handed over to the couple Tran Van Thuc and Vo Thi Phuong Thao to temporarily take control of the operation to fulfill the 3-party commitment) for 1 billion VND/year. This has created an opportunity for the couple Thuc and Thao to take control of the operation and exploitation of the above international school since then with an annual revenue of up to several tens of billions of VND.
Recently, Bisuco representatives have repeatedly filed complaints against Mr. Tran Van Thuc (born in 1980, residing in Hiep Binh Chanh Ward, Thu Duc City) and his wife, Ms. Vo Thi Phuong Thao (born in 1981, residing in Bien Hoa City, Dong Nai) to the Ho Chi Minh City Police Department for "Forging signatures" of Mr. Kumar to transfer all shares under Mr. Kumar's name in Saigon Star International Company Limited after Mr. Kumar handed over the seal and the right to operate the school to implement the above 3-party agreement. Because since 2017, Mr. Kumar has returned to the country for medical treatment and is not present to sign the transfer of shares. In November 2022, the Immigration Department confirmed to the authorities that Mr. Kumar had left the country through Tan Son Nhat International Border Gate since May 2017 and up to that time there was no information about Mr. Kumar's re-entry. The case is currently being handled by the Ho Chi Minh City Police Department. In addition, Bisuco is also suing ACBA at District 3 People's Court to "reclaim" the remaining assets and the case is being resolved by the court.
According to the Appeal Decision of the High People's Court in Ho Chi Minh City dated May 7, 2021, on September 14, 2018, ACBA signed a contract to transfer the above international school to Saigon Star International Company Limited (currently managed and operated by Mr. Thuc and Ms. Thao) for more than 139 billion VND. However, after depositing 5 billion VND to ACBA, Mr. Thuc and Ms. Thao only transferred an additional 3.5 billion VND to ACBA and took over the right to exploit the school until now. Even the 4 villa plots mortgaged by Bisuco at ACB Long An Branch and handed over to ACBA to sell at the same time as the international school to pay off bank loans, ACBA also transferred them to Mr. Thuc and Ms. Thao.
Since then, on October 26, 2018, Mr. Thuc and Mrs. Thao signed an agreement to sell to Mr. Nguyen Tan Phat, residing in Binh Thanh District, for 82 billion VND. Reporting to the Ho Chi Minh City Police, Mr. Phat said that after transferring 32 billion VND, the couple only transferred 1 plot of land to Mr. Phat, the remaining 3 plots of land did not fulfill the agreement and showed signs of evasion. Therefore, Mr. Phat reported the act of "Abuse of trust to appropriate property" with the amount of 15 billion VND of Thuc and Thao. During the investigation, Ho Chi Minh City Police issued a notice to search. However, Thuc and Thao left the country in mid-2023.
According to the valuation certificate issued by E XIM Valuation Joint Stock Company in October 2020 and sent to ACBA, the value of the above international school is more than 343.8 billion VND, the value of the right to use the educational land alone is 329 billion VND. Meanwhile, according to the land use fee payment list of the investor of this project, in the 3 consecutive years when the project was just started, the investor only had to pay more than 11.5 million VND for the school and commercial service land area. From there, public opinion believes that the city needs to review the budget revenue for the above educational land. In particular, it is necessary to clarify whether the above land is leased by Ho Chi Minh City with annual or one-time payment to determine whether the mortgage of this land is in accordance with the law or not.
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