The role of Trinh Xuan Thanh in the embezzlement case at PVP Land
Trinh Xuan Thanh was the person who decided and directed the transfer of more than 12 million shares of PVP Land at Xuyen Thai Binh Duong Company at a price lower than its real value.
On the morning of January 28, the trial of Trinh Xuan Thanh - former Chairman of the Board of Directors of the Vietnam Oil and Gas Construction Joint Stock Corporation (PVC) and 7 accomplices in the case of property embezzlement that occurred at the Vietnam Oil and Gas Power Real Estate Joint Stock Company (PVP Land) was decided by the panel of judges to be temporarily suspended for 4 days at the request of the Procuracy.
Take the difference of 49 billion VND and divide it among themselves.
According to the accusation, on March 27, 2010, Trans-Pacific Service Joint Stock Company, consisting of 5 founding shareholders, agreed to sign a deposit contract to transfer all 24 million shares owned to Le Hoa Binh (Chairman of the Board of Directors of 1/5 Construction and Service Joint Stock Company, Minh Ngan Joint Stock Company) at a price of more than VND 20,000/share, equivalent to VND 52 million/m2 of land in the Nam Dan Plaza project.
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| Defendant Trinh Xuan Thanh was recommended to be sentenced to life in prison for embezzlement in the case that occurred at PVP Land. (photo: VNA) |
The contract for transferring PVP Land shares signed by Nguyen Ngoc Sinh (General Director) was only transferred at a price of more than 13,000 VND/share (equivalent to 34 million VND/m2 of Nam Dan Plaza project land); the total contract value was 191 billion VND. Thus, compared to the price agreed upon in the deposit contract, the total contract value decreased by 87 billion VND.
The investigation results on the signing of transfer contracts at a price lower than the deposit value have determined that the defendants Trinh Xuan Thanh, Dinh Manh Thang (former Chairman of the Board of Directors of Song Da Petroleum Investment and Trading Joint Stock Company), Thai Kieu Huong (former Deputy General Director of Vietsan Joint Stock Company), Dao Duy Phong (former Chairman of the Board of Directors of PVP Land), Nguyen Ngoc Sinh (former General Director of PVP Land), Dang Sy Hung (deceased), Huynh Nguyen Quoc Duy (self-employed) had colluded with the defendants Le Hoa Binh (Chairman of the Board of Directors) and Nguyen Thi Kim Thoa (accountant) of Minh Ngan Investment Joint Stock Company to sign contracts to transfer shares at a price lower than the deposit value to appropriate the difference to share.
Of which, Trinh Xuan Thanh appropriated 14 billion VND, Dinh Manh Thang 5 billion VND, Dao Duy Phong 8 billion VND, Nguyen Ngoc Sinh 2 billion VND, Dang Sy Hung 20 billion VND. In total, the defendants appropriated 49 billion VND out of the total 87 billion VND.
Trinh Xuan Thanh has a decisive role in the transfer of shares.
According to the representative of the People's Procuracy, at the trial as well as during the investigation, defendant Trinh Xuan Thanh did not admit to having agreed to and directed the sale of PVP Land shares at a price lower than the actual value to divide and appropriate the difference.
Based on the testimony of other defendants as well as the case file, there is sufficient basis to conclude that Trinh Xuan Thanh is the person with the highest position and authority, with the decisive role and direction in the transfer of more than 12 million shares of PVP Land at Xuyen Thai Binh Duong Company at a price equivalent to 34 million VND/m2, lower than the actual value of the project with the purpose of appropriating the difference. Defendant Trinh Xuan Thanh has received 14 billion VND from this amount.
After committing the crime, the defendant used tricks to conceal the crime. During the investigation and at the trial, the defendant did not honestly confess to the entire crime, only confessing to a part of his crime.
However, considering that the defendant’s testimony has also contributed to clarifying part of the case and the actions of other accomplices. The amount of 14 billion VND that was misappropriated was returned by the defendant when Thai Kieu Huong requested, the Procuracy proposed to consider reducing part of the defendant’s sentence.
Regarding the defendant Dinh Manh Thang, at the trial as well as during the investigation, the defendant admitted that he was asked by Thai Kieu Huong to influence Trinh Xuan Thanh, who was the one who decided to allow the transfer of shares. Therefore, the defendant received 5 billion VND from Huong.
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| Defendant Dinh Manh Thang in court. (Photo: VNA) |
Regarding the remaining 6 defendants, the representative of the People's Procuracy said that there was enough basis to charge all 6 defendants with embezzlement of property in this case.
The indictment determined that the defendants' criminal acts were especially dangerous to society, infringing on an especially large amount of State money, causing the Nam Dan Plaza project - a project of great economic value - to be stalled and unable to be implemented from 2010 to present, causing more than 9,500 m2 of land of the project on Pham Hung Street, Nam Tu Liem District, Hanoi to not be put into use, causing waste and damage to the interests of the State, the interests of society, affecting the trust of the people.
The defendants Thanh, Phong, Sinh, and Thang were all people with positions and power, but because of personal gain, they could not overcome material temptations and took advantage of their positions and power to appropriate state money, violating the law.
As for Thai Kieu Huong, Huynh Nguyen Quoc Duy, Le Hoa Binh, and Nguyen Thi Kim Thoa, during their business activities, they clearly knew about the illegal acts of defendants Trinh Xuan Thanh, Dao Duy Phong, and Nguyen Ngoc Sinh, but for the benefit of their own individuals and businesses, they still agreed to assist in the criminal acts.
The defendants' criminal acts are one of the manifestations of the degradation of public ethics of a number of officials and civil servants, part of the corruption problem, reflecting the local interests of individuals and businesses.
“The consequences of the crime not only cause great economic damage but also have a very negative impact on political security and social order, causing public outrage and reducing people's trust in the Party and the State. The Procuracy assesses that bringing the case to a strict trial for the defendants has demonstrated the determination of the whole society to fight against corruption, strengthening people's trust in the Party and the State" - the representative of the Procuracy stated./.
Proposed sentence for 08 defendants:
1.Trinh Xuan Thanh- former Chairman of the Board of Directors of Petroleum Construction Corporation (PVC) - life sentence.
2.Dinh Manh Thang– former General Director of Song Da Petroleum Investment and Trading Joint Stock Company, younger brother of Mr. Dinh La Thang, from 11-12 years in prison.
3.Dao Duy Phong- Former Chairman of the Board of Directors of PVP Land: 17-18 years in prison
4.Nguyen Ngoc Sinh- Former General Director of PVP Land: 14-15 years in prison.
5.Le Hoa Binh– Chairman of the Board of Directors of Minh Ngan Company: from 9-10 years in prison, the combined penalty with the previous fraud sentence is life imprisonment, the total penalty that defendant Binh must serve is life imprisonment
6.Nguyen Thi Kim Thoa- former chief accountant of Minh Ngan company and construction company 1-5: from 8-9 years in prison, combined sentence with previous fraud sentence is life in prison, the total sentence that defendant Thoa must serve is life in prison.
7.Huynh Nguyen Quoc Duy- self-employed: 11-12 years in prison.
8.Thai Kieu Huong– Deputy General Director of Vietsan Investment Joint Stock Company: 11-12 years in prison./.
