The downfall of the notorious tycoon from Nghe An province.

Once notorious for his immense wealth, when his illegal business practices were exposed, the tycoon from Nghe An had to be escorted to the courtroom to receive his verdict.

The tycoon falls from grace.

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 province) quickly rose to become a renowned tycoon in Nghe An.

Thai Duong Company Limited, where he serves as director, specializes in the exploitation and processing of forest products, as well as surveying, exploration, and trading of minerals.

Defendants Thai Luong Tri (left) and Duong Minh Hai during the 2013 appeal trial.

The name, which had been rising to prominence, suddenly became the subject of excessive media attention due to a series of illegal business practices and schemes. People in Nghe An province, who had initially admired him, were shocked when Mr. Tri was arrested. The Thai Luong Tri case has received extensive media coverage, with the trial alone, spanning multiple sessions, now lasting six years.

According to the latest indictment, Thai Luong Tri was formerly the Director of Thai Duong Nghe An Co., Ltd. and the Chairman of the Board of Directors of Lao-Viet Mineral Joint Stock Company. Tri's accomplice is Duong Minh Hai (born in 1958, residing in Hanoi), former Deputy Director of the 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 (headed by Mr. Oong Kham Sivilay).

During the process of joint venture, investment cooperation, and mining operation at Huoi Chun mine, Sam Tay district, Hua Phan province (Laos), Mr. Tri used a joint venture contract with a forged signature of Mr. Oong Kham Sivilay to submit to the Vietnamese Ministry of Planning and Investment to apply for an overseas investment certificate.

Mr. Tri also forged the minutes of the board meeting of Thai Duong Co., Ltd. on March 19, 2008, and submitted them to the Vietnamese Ministry of Planning and Investment requesting an adjustment to the overseas investment certificate.

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

Through business contracts with Thai Duong Co., Ltd., headed by Mr. Tri, Thai Duong Vocational Training Services Joint Stock Company (represented by Mr. Doan Van Huan as Director) and Thien Phu Co., Ltd. (represented by Ms. Chu Thi Thanh as Director) have directly invested in the exploitation and processing of minerals at the Huoi Chun mine.

On January 18, 2008, the Lao Ministry of Planning and Investment granted a foreign investment license allowing the establishment of Lao-Viet Mineral Joint Stock Company Limited, with shareholders including Oong Kham Sivilay holding 35% of the shares, Thai Luong Tri holding 37% of the shares, Doan Van Huan holding 18% of the shares, and Chu Thi Thanh holding 10% of the shares.

However, immediately after the shareholders met, agreed on the positions, and determined that each shareholder's capital contribution was the actual amount invested 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 obtain a business registration certificate, business license, seal registration, signed a contract with the Lao government, and signed the company charter…

Simultaneously, they requested permission from the Lao Ministry of Planning and Investment to grant a foreign investment license to establish a new company, eliminating the share ownership of shareholders Doan Van Huan and Chu Thi Thanh, and misappropriating their actual capital contributions totaling 6.7 billion VND.

Specifically, Mr. Doan Van Huan holds 27,000 shares (representing 18% of the charter capital) valued at 4.3 billion VND; and Ms. Chu Thi Thanh holds 15,000 shares (representing 10% of the charter capital) valued at 2.4 billion VND.

The downfall of tycoons

This case was first brought to trial in 2011. In 2013, when the case was brought to appeal, the Appellate Court of the Supreme People's Court in Hanoi overturned the first-instance judgment and returned the case file for reinvestigation from the beginning.

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

Determining that in this case, defendant Tri played the role of mastermind, directly discussing and organizing the illegal act, while defendant Hai played the role of an accomplice providing active assistance, the court 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 helped into the dock. Throughout the trial, family members of the defendant Tri took turns sitting beside him to support him.

According to Vietnamnet