On 12/8, after more than two weeks of trial, Vo Thi Phuong, 44, director of Sieu Thanh Co., Ltd., the company behind the Nam An (Kingsway) apartment project, was sentenced to life imprisonment by the Ho Chi Minh City People's Court for fraud and embezzlement. Her accomplice, Tran Thi Thuy Trang, deputy director, received a 20-year sentence.
The court ordered Phuong to compensate customers over 190 billion VND and Trang over 42 billion VND.
Customers who signed the initial contracts directly with the investor (F1) retain the right to file lawsuits in a separate case and will be given priority to repurchase apartments if the project resumes.
Trinh Minh Thanh, the mastermind behind the scheme and the investor, died from Covid-19 during the investigation, leading to the dismissal of his case by the Ho Chi Minh City Police.
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Defendants Vo Thi Phuong (left) and Tran Thi Thuy Trang at the court. Photo: Hai Duyen |
Defendants Vo Thi Phuong (left) and Tran Thi Thuy Trang at the court. Photo: Hai Duyen
The Nam An apartment project, located in Binh Tan district, consists of three 20-story blocks, including four commercial floors and 16 apartment floors. Construction began in 2017 under Sieu Thanh Co., Ltd. but was halted in 2020 and remains unfinished.
Thanh, the investor, oversaw all operations of Sieu Thanh Co., Ltd. In late 2017, he appointed Vo Thi Phuong (his sister-in-law) as director and legal representative of the company.
The court found that after the Nam An apartment project received its permits, Thanh only completed the rough construction, failing to fulfill his commitments while continuing to sign contracts to sell apartments to customers. He instructed Phuong to sign or stamp pre-signed contracts, including selling the same apartment to multiple individuals. Thanh used a portion of the collected funds to repay debts and for other purposes.
As director, Phuong signed contracts with 496 customers, collecting over 477 billion VND, most of which she handed over to Thanh.
Authorities determined Phuong played an assisting role, selling 18 apartments to 36 different buyers, and is responsible for over 190 of the 477 billion VND. Tran Thi Thuy Trang, while not the legal representative nor authorized by the company, presented herself as the director during the project management and signed contracts for 42 apartments with 20 customers (including some already sold by Phuong), misappropriating nearly 42 billion VND.
During the investigation, Thanh confessed to his actions, claiming ignorance of Trang's fraudulent use of the company's legal entity to sell apartments. Upon discovery, Thanh had his staff warn customers.
In court, Phuong admitted to signing and stamping the contracts but stated all proceeds were given to Thanh. She claimed to have only received around 100 million VND in compensation.
Trang argued she only embezzled over 20 billion VND, not the nearly 42 billion VND determined by the investigation, claiming the difference was her commission. This argument was rejected by the prosecution.
Hundreds of victims are left in uncertainty.
Despite the court ordering restitution, most victims expressed concern about receiving their money back due to the defendants' apparent inability to pay. Some victims now have the right to pursue further legal action through a civil lawsuit, prolonging their quest for recovery.
Hai Duyen
