General Director of 'mega-project' sentenced to life imprisonment for embezzling nearly 160 billion VND.
Vo Thanh Long, General Director of Phu Huu Eco-tourism Area, was sentenced to life imprisonment for embezzling nearly 160 billion VND from more than 800 people.
According to the panel of judges, Long played the role of mastermind, directing and collaborating with his employees to exploit the Phu Huu Eco-tourism Area project, raising capital through a multi-level marketing scheme, and embezzling money from victims... therefore, he must bear primary responsibility.
Nine of Long's accomplices were sentenced to prison terms ranging from 7 years and 6 months to 18 years for the same crime; they were also ordered to jointly repay over 28 billion VND to the victims.
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| Defendant Vo Thanh Long (center) listens as the court pronounces the sentence. Photo: Cuu Long |
The verdict stated that in 2017, Long acquired the Phu Huu Eco-tourism Area project in Chau Thanh district, covering an area of over 10 hectares, for 26 billion VND, and then advertised it as "mega-project"A resort spanning 12 hectares, valued at 700 billion VND."
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| The defendants at the trial on March 22. Photo: Cuu Long |
Hundreds of people from southern provinces and cities, mostly elderly people and farmers, trusted Long's group and handed over all their savings to them.
Through these schemes, Long and his accomplices embezzled nearly 160 billion VND from 816 people in 39 provinces and cities. Most of the stolen money was used to pay off debts to Uoc Mo Viet International Joint Stock Company, fund the operations of Cao Thang Real Estate Joint Stock Company, pay commissions, and for personal expenses.
During the trial, Long and his accomplices admitted to their crimes.
