The prosecution has recommended indicting four defendants.

The Investigation Police Department of Dong Nai province has concluded its investigation and forwarded the case file to the People's Procuracy of the same level, recommending the prosecution of four defendants in the case of violating regulations on the management and use of state assets, causing losses and waste at Nhon Trach Investment Joint Stock Company.

The defendants recommended for prosecution include: Quach Van Duc, former Chairman of the Board of Directors; Phan Thanh Vinh Toan, former General Director; Do Tan Diem and Nguyen Van Hong, both former members of the Board of Directors of Nhon Trach Investment Joint Stock Company.

Mr. Nguyen Van Hong, former member of the Board of Directors of Nhon Trach Investment Joint Stock Company, at the time of his temporary detention.

Land allocation without auction.

According to the investigation findings, on October 17, 2003, Tin Nghia Company (under the Dong Nai Provincial Party Committee) sent a document to the Dong Nai Provincial Party Committee and the Dong Nai Provincial People's Committee requesting approval to invest in a residential area on rubber plantation land in Nhon Trach District. The Dong Nai Provincial People's Committee subsequently approved Tin Nghia Company and the Industrial Rubber Company (under the Dong Nai Department of Industry) to contribute capital to establish Nhon Trach Investment Joint Stock Company (charter capital of 100 billion VND, each unit contributing 50%) to invest in the Long Tan and Phu Thanh residential areas (Nhon Trach District).

In a document sent to the People's Committee of Dong Nai province on February 23, 2005, the Department of Natural Resources and Environment affirmed: "According to the regulations of Government Decree 181/2004/ND-CP, the land use case of Nhon Trach Investment Joint Stock Company falls under the category of auction."

Nhon Trach Investment Joint Stock Company, where violations occurred during the implementation of the "Swan City" residential project.

However, on July 2, 2005, Ms. Dang Thi Kim Nguyen, Vice Chairman of the People's Committee of Dong Nai province (now retired), still signed a document approving the policy of allocating land with land use fees without auction. At the same time, she issued a decision to reclaim 752 hectares of land in Long Tan and Phu Thanh communes to implement the project (in 2007, the area was adjusted to over 5,669,995 ^m² ).

'Magic trick' involving over 932 billion VND.

By 2017, although he had not yet sought approval from the Dong Nai Provincial People's Committee, Mr. Quach Van Duc still held a Board of Directors meeting with Phan Thanh Vinh Toan, Do Tan Diem, Nguyen Van Hong, etc., to discuss a cooperation plan with CFLD Company (the parent company of VNIC 2 PTE.LTD based in Singapore) and authorized Mr. Duc to make all decisions.

Based on this, Mr. Duc and Mr. Toan worked and agreed with a partner to contribute capital in the form of land use rights on an area of ​​341,252 ^m² (the portion already granted ownership in the project) and valued at over 380 billion VND (by the Southern Information and Valuation Joint Stock Company).

Subsequently, Mr. Duc chaired a Board of Directors meeting, agreeing on a land use right value of 43.5 USD/ ^m² for the investment cooperation and contributing the entire area of ​​over 1 million ^m² in subdivisions 1A and 1B of the Phu Thanh – Long Tan residential area to VNIC 2 PTE.LTD to build a residential area named "Swan City".

"Swan City" residential area

On October 24, 2017, Tran Van Vinh (now retired), Vice Chairman of the People's Committee of Dong Nai province, signed a decision approving Nhon Trach Investment Joint Stock Company to contribute VND 113 billion (accounting for 20% of the capital in the form of land use rights), and the partner to contribute VND 435 billion (80%) to implement the project.

Also in 2017, Mr. Quach Van Duc signed a joint venture agreement with VNIC 2 PTE.LTD to establish Nhon Trach New Industrial City Co., Ltd. In this joint venture, Nhon Trach Investment Joint Stock Company contributed over 1 million ^m² of land in subdivisions 1A and 1B, valued at VND 1,045 billion (equivalent to USD 43.5/ ^m² ).

Following this transaction, Nhon Trach New Industrial City Co., Ltd. repaid the difference of over 932 billion VND from the surplus capital contribution to Nhon Trach Investment Joint Stock Company. Upon receiving this amount, Nhon Trach Investment Joint Stock Company arbitrarily used the money to pay off previous debts without reporting or seeking approval from the Provincial Party Committee and the People's Committee of Dong Nai province.

Causing damage of nearly 279 billion VND.

The investigating agency determined that the defendants acted improperly in accordance with the decisions of the Dong Nai Provincial People's Committee, holding their own board meetings to unanimously agree on the policy of contributing over 1 million ^square meters of land (in reality, transferring ownership), but only 341,252 ^square meters were granted land use right certificates.

Police read out the arrest warrant for Mr. Do Tan Diem, former member of the Board of Directors of Nhon Trach Investment Joint Stock Company.

At the same time, based on an expired valuation certificate, Mr. Quach Van Duc arbitrarily negotiated capital contributions, determining that an area of ​​over 1 million ^m2 was valued at more than 1.045 billion VND (the valuation at the time was nearly 1.999 billion VND in 2017 and 2.258 billion VND in 2022).

The investigating agency concluded that, at the time, the state's stake in Nhon Trach Investment Joint Stock Company accounted for 29.54%. Therefore, using the valuation at the time of 2017 (approximately 1,999 billion VND), and deducting the agreed-upon values ​​with partners (1,045 billion VND), the total amount of state losses was nearly 279 billion VND. The defendant Duc bears primary responsibility and is the mastermind behind the scheme, while the other defendants are accomplices.

Phan Thanh Vinh Toan, former General Director of Nhon Trach Investment Joint Stock Company

The investigation also identified several leaders of departments, agencies, and the People's Committee of Dong Nai province, as well as individuals, who committed violations in the establishment of Nhon Trach Investment Joint Stock Company; land allocation, land valuation, approval of investment policies for projects, inspection, appraisal, and signing of changes to 65 land use right certificates in subdivisions 1A and 1B. The Criminal Investigation Agency of the Dong Nai Provincial Police continues to verify and clarify the matter and handle it according to regulations.

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