Proposal to prosecute Trinh Xuan Thanh for embezzlement of property

The investigation agency has just completed the investigation conclusion of the case of asset embezzlement that occurred at Vietnam Oil and Gas Power Real Estate Joint Stock Company (PVP Land) and Minh Ngan Joint Stock Company.

The investigation agency proposed to prosecute Trinh Xuan Thanh and 7 other defendants for the crime of embezzlement of property.

The other 7 defendants also prosecuted include: Nguyen Ngoc Sinh (former CEO of PVP Land); Dao Duy Phong (former Chairman of the Board of Directors of PVP Land); Le Hoa Binh (former Chairman of the Board of Directors of 1/5 Construction Joint Stock Company and Minh Ngan Company); Nguyen Thi Kim Thoa (former Chief Accountant of 1/5 Company and Minh Ngan Company); Huynh Quoc Duy (self-employed); Thai Kieu Huong (former Deputy General Director of Vietsan Investment Joint Stock Company); Dinh Manh Thang (former Chairman of the Board of Directors of Song Da Petroleum Investment and Trading Joint Stock Company).

Mr. Trinh Xuan Thanh.

According to the investigation conclusion, Trinh Xuan Thanh, Nguyen Ngoc Sinh, Dang Sy Hung, and Dao Duy Phong are the people who have the right to decide and are responsible for managing assets which are shares of PVP Land at Xuyen Thai Binh Duong company.

Trinh Xuan Thanh colluded with related subjects, along with the broker Huynh Nguyen Quoc Duy, with the help of Thai Kieu Huong, Le Hoa Binh, Nguyen Thi Kim Thoa, the buyer's representative Minh Ngan Company and Dinh Manh Thang to sign and pay for the contract to transfer PVP Land's shares at Xuyen Thai Binh Duong Company at a price equivalent to 34 million VND/m2 of land.

The payment of this contract created a price difference for the defendants to appropriate shares worth more than 87 billion VND of PVP Land (including state assets). The value of assets appropriated by the subjects was 49 billion VND.

Regarding the criminal act of Trinh Xuan Thanh, Chairman of the Board of Directors of Vietnam Oil and Gas Construction Corporation (PVC), the Investigation Agency believes that, according to PVC's regulations, Thanh is the person with the right to decide and approve the plan and price of transferring PVP Land's shares at the Nam Dan Plaza project submitted by the representative of PVC's capital.

In addition, Thanh also signed a resolution of PVC approving the transfer of shares at a price of 34 million VND/m2 of land to appropriate the price difference with other subjects.

Thanh admitted that he had accepted Dinh Manh Thang's request to help and approve the plan to sell shares in the Nam Dan Plaza project that Phong, Chairman of the Board of Directors of PVP Land, was submitting to PVC for approval.

Thanh received the money in the suitcase from Dinh Manh Thang transferred by Thai Kieu Huong. Thanh returned the money to Thang to pay Huong the money he received after the Investigation Agency initiated the case, the crime was completed and PVP Land was still deprived of the above assets.

The investigation concluded that Trinh Xuan Thanh's actions constituted the crime of embezzlement.

According to Vietnamnet.vn