The end of the notorious tycoon of Nghe An

Once notorious for his wealth, when his illegal business dealings were exposed, the Nghe An tycoon had to be escorted to the dock to receive the verdict.

The tycoon fell from his horse.

Entering the business world at the age of 56, Mr. Thai Luong Tri (born in 1940, residing in Ha Huy Tap ward, Vinh city, Nghe An), soon became a famous tycoon in Nghe An.

Thai Duong Company Limited, of which he is the director, specializes in business of exploiting, processing forest products, surveying, exploring and trading minerals.

Defendants Thai Luong Tri (left) and Duong Minh Hai in the 2013 appeal hearing.

The name that was suddenly on the rise was mentioned too much in the press because of a series of tricks and illegal business practices. People in Nghe An went from admiration to surprise when Mr. Tri had to be handcuffed. The Thai Luong Tri case consumed a lot of ink in the press when the trial alone lasted for 6 years.

According to the latest indictment, Thai Luong Tri was the former Director of Thai Duong Nghe An Company Limited and Chairman of the Board of Directors of Lao-Viet Mineral Joint Stock Company. Tri's accomplice is Duong Minh Hai (born in 1958, in Hanoi), former Deputy Director of Lao-Viet Mineral Joint Venture Company.

Tri's Thai Duong Nghe An Company Limited entered into a joint venture with Thao Oong Kham Mineral Exploitation Company, Laos (directed by Mr. Oong Kham Sivilay).

During the joint venture, investment cooperation, and exploitation of Huoi Chun mine, Xam Tay district, Hua Phan province (Laos), Mr. Tri used the Joint Venture Contract with the fake signature of Mr. Oong Kham Sivilay to submit to the Ministry of Planning and Investment of Vietnam to request a certificate of overseas investment.

Mr. Tri also forged the minutes of the meeting of the board of members of Thai Duong Company Limited on March 19, 2008, and submitted them to the Ministry of Planning and Investment of Vietnam to request an adjustment to the overseas investment certificate.

From April 2008 until their arrest (May 27, 2009), Mr. Tri and Mr. Hai used a fake seal under the name of Lao-Viet Mineral Joint Stock Company to stamp 38 documents sent to the authorities of Laos and Vietnam.

Through business contracts with Thai Duong Company Limited, of which Mr. Tri is the Director, Thai Duong Vocational Training Service Joint Stock Company (represented by Mr. Doan Van Huan as Director) and Thien Phu Company Limited (represented by Ms. Chu Thi Thanh as Director) have invested and contributed capital directly to the investment in mineral exploitation and processing at Huoi Chun mine.

On January 18, 2008, the Lao Ministry of Planning and Investment issued a Foreign Investment License allowing the establishment of Lao-Viet Minerals Joint Stock Company, with shareholders Oong Kham Sivilay holding 35% of shares, Thai Luong Tri holding 37% of shares, Doan Van Huan holding 18% of shares and Chu Thi Thanh holding 10% of shares.

But immediately after the shareholders met, agreed on the titles, and determined that the amount of capital contributed by each shareholder was the actual investment cost in the Huoi Chun mine, as of December 31, 2007, Thai Luong Tri discussed and, together with Duong Minh Hai, carried out the procedures to have the Lao authorities issue a business registration certificate, register the business, register the seal, sign a contract with the Lao Government, and the company charter...

At the same time, request permission from the Lao Ministry of Planning and Investment to issue a foreign investment license to establish a new company, eliminate the share ownership of shareholders Doan Van Huan and Chu Thi Thanh, and appropriate the actual capital contribution of these shareholders with a total amount of 6.7 billion VND.

Of which, Mr. Doan Van Huan has 27,000 shares (ownership ratio is 18% of charter capital) worth 4.3 billion VND; Ms. Chu Thi Thanh has 15,000 shares (ownership ratio is 10% of charter capital) worth 2.4 billion VND.

The end of the tycoon

This case was first tried in 2011. In 2013, when the case was brought to the appeal trial, the Court of Appeal, Supreme People's Court in Hanoi annulled the first instance judgment and returned the case file, requesting a reinvestigation from the beginning.

In February 2015, the Supreme People's Procuracy issued indictment No. 04 and from May 17 to 20, the Hanoi People's Court brought defendant Thai Luong Tri and his accomplice Duong Minh Hai to trial for the crimes of Abuse of trust to appropriate property and Forgery of seals and documents of agencies and organizations.

Determining that in this case, defendant Tri played the role of mastermind, directly discussing and organizing the violation, and defendant Hai played the role of active accomplice, the panel sentenced Thai Luong Tri to 18 years in prison and Duong Minh Hai to 15 years in prison.

Appearing in court at the age of 76, and released on bail, the once notorious tycoon had to be escorted to the dock. During the entire trial, defendant Tri’s family members had to take turns sitting next to him to support him.

According to Vietnamnet