'Ghost tricks' of beautiful female tycoon

The beautiful female tycoon who used to be the Chairwoman of the Board of Directors and Director of An Phat Company used "ghost tricks" to make tens of billions of dong.

On November 8, Hanoi People's Court brought defendant Phan Thuy Mai (born 1961, former Chairman of the Board of Directors and Director of An Phat Company) to trial for the crime of abuse of trust to appropriate property.

According to the accusation, the 79 Spring Tourist Area project was approved for investment by the Vinh Phuc Provincial People's Committee in 2003. The investor at that time was Toan Thang Production, Trade and Service Company Limited (headquartered in Ho Chi Minh City), headed by Ms. Mai.

Realizing that granting an investment license to a business in Ho Chi Minh City would be difficult for State management, Vinh Phuc province required the investor to be a legal entity in the locality.

Female tycoon in court.

To meet this requirement of Vinh Phuc province, in April 2004, Ms. Mai established An Phat Company with 4 founding shareholders including Ms. Mai, Mr. Tran The Ton, Mr. Vu The Uu and Alpha company.

At this time, Toan Thang Company withdrew so that An Phat could take over all rights and obligations to implement the project. In 2007, An Phat was assigned 973,839.8m2 of land in Me Linh district, Vinh Phuc province to build the 79 Spring Tourist Area, including 2 plots of land (5,045m2 and 1,529m2) to build villas.

Taking advantage of her position as director and Chairman of the Board of Directors of the company, Ms. Mai created fake documents, legalizing the transfer of 2 villa plots of land worth 30.5 billion VND from the company's ownership to her personal property for 9.8 billion VND.

In addition to arbitrarily setting land transfer prices, this beautiful female tycoon did not pay the company but also issued fake receipts to cover up her fraudulent behavior. In 2010, when shareholders discovered her wrongdoing, Ms. Mai returned the amount of 9.8 billion VND.

During the investigation and settlement of the case, the authorities also discovered that although the two villa plots of land (BT10-08 and BT10-10) were both located in Thanh Lam commune, Ms. Mai brought the purchase and sale documents to the People's Committee of Dai Thinh commune and both were certified by the commune authorities. Therefore, the relevant officials were disciplined.

The indictment said that Ms. Mai's actions caused direct damage to An Phat Company as well as the interests of shareholders.

The investigation agency determined that, in addition to the act of appropriating the 2 villa plots mentioned above, during the process of operating An Phat Company, Ms. Mai also committed a series of violations such as: Not going through the Board of Directors, using the Land Use Rights Certificates owned by An Phat Company as collateral, signing credit contracts to borrow money, borrow gold from banks... leading to An Phat Company falling into a debt situation that was difficult to overcome.

In court, Ms. Mai admitted that her act of arbitrarily signing a contract to transfer 2 villa plots of land from An Phat Company to herself without going through the Board of Directors was contrary to the provisions of the Enterprise Law and the company's charter. However, this female tycoon said that such an act did not cause any damage to the shareholders.

On the afternoon of November 8, after consideration, the People's Court sentenced defendant Mai to 16 years in prison.

According to Vietnamnet