"We just want our apartments. Getting our money back won't solve anything. The dream of owning a home feels further away than ever," said Phan Thi Oanh, 43.

Oanh and nearly 500 other buyers of apartments in the Kingsway project in Tan Phu district recently attended the Ho Chi Minh City People's Court to observe the trial of Vo Thi Phuong, 44, director of Sieu Thanh Co. Ltd., and Tran Thi Thuy Trang, deputy director, on charges of fraud and embezzlement.

The mastermind behind the scheme, investor Trinh Minh Thanh, died from Covid-19 during the investigation, leading to the dismissal of charges against him.

Hundreds of victims of the Kingsway apartment project attended the trial. Photo: Hai Duyen

Hundreds of victims of the Kingsway apartment project attended the trial. Photo: Hai Duyen

'Homeless, but still struggling with loan payments'

Sitting outside the courtroom, waiting to be called to testify, Oanh looked exhausted. In 2017, she and her husband signed a contract to buy an apartment in the Kingsway project for 1.1 billion VND while the project was still in the planning stages. They paid 70% of the contract value, using their savings and a loan of over 200 million VND from An Binh Commercial Joint Stock Bank (ABBank). They signed the contract believing the project was secured by a bank guarantee, as promised by both the investor and the bank.

However, after the project's structural framework was completed, the investor became financially insolvent and failed to deliver the apartments as agreed. For years, Oanh and her husband have been paying rent and servicing their loan as if it were a regular credit contract, receiving no support as initially promised.

"In 2020-2021, when residents complained, ABBank met with us, but ultimately didn't terminate the contracts or reduce interest rates," Oanh said sadly.

The indictment stated Trinh Minh Thanh was the investor and oversaw all operations of Sieu Thanh Co. Ltd. In late 2017, he appointed his sister-in-law, Vo Thi Phuong, as director and legal representative. He instructed Phuong to sign or stamp pre-signed contracts for apartment sales, including some sold to multiple individuals. Thanh used some 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 this money was given to her brother-in-law. Phuong is accused of aiding in the fraud by signing contracts for 18 apartments sold to 36 different buyers, making her responsible for 21 billion VND of the 477 billion VND total.

While admitting to signing the contracts, Phuong claimed she only acted on her brother-in-law's instructions. She said she received around 100 million VND in compensation for her role at Sieu Thanh.

Tran Thi Thuy Trang, while not a legal representative or authorized by the company, presented herself as the director and signed contracts for 42 apartments with 20 customers (including apartments previously signed by Phuong), misappropriating nearly 42 billion VND.

The investigation revealed Sieu Thanh's bank accounts are empty.

With the investor deceased and the defendants unable to compensate, Oanh said, "I don't care about compensation. I just want my apartment."

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

Like Oanh, most Kingsway buyers are middle-income earners who took out loans. They have suffered significant financial and emotional distress, with many families facing internal conflicts. Their primary wish is to receive their apartments. "We've suffered enough. We can only hope the court will find a just solution," one middle-aged woman cried while testifying about her losses.

Huynh Van Vinh, 65, from Tan Phu District, clutched a thick stack of documents as he and his wife attended the trial, authorized by their children. In 2017, Vinh and his wife used their savings to help their two children buy separate apartments in the Kingsway project, costing between 1.2 and 1.4 billion VND each. After paying over 800 million VND in cash, his children took out bank loans to cover the remaining balance. By the time the case was filed, the family had paid a total of 1.7 billion VND, over half of which was borrowed. Currently, his children pay approximately eight million VND per month in principal and interest.

"The bank said they would guarantee our purchase, but there was no guarantee letter, only a credit contract," Vinh said. He explained that as a retired soldier, he had used his entire savings to buy homes for his children, hoping they would have stable housing. Now, feeling betrayed, he and his wife are heartbroken that their children are still without homes. One rents, and the other lives with them.

"I hope the court delivers a fair verdict, in accordance with the law," he said. However, his greater hope is that authorities will find a way for the project to be completed and apartments delivered, rather than issuing refunds. "The building's structure is complete. The rest depends on the authorities finding a suitable solution. If we need to renegotiate and pay more, we're willing, as long as we get our homes," Vinh said.

Before the case was initiated, residents reported being defrauded by the investor. The Nam An Apartment project has been stalled for years. Photo: Nhat Vy

Before the case was initiated, residents reported being defrauded by the investor. The Nam An Apartment project has been stalled for years. Photo: Nhat Vy

Ho Chi Minh City Police are investigating ABBank's role

On 9/3/2018, An Binh Bank issued a document agreeing in principle to provide guarantees for the sale and lease-purchase of future homes in the Nam An Apartment Project. To secure the investor's financial obligations to customers, all funds from apartment sales were to be transferred to Sieu Thanh's account at ABBank. However, Sieu Thanh failed to meet the necessary conditions, so the bank did not issue a guarantee for the project.

According to the prosecution, despite not issuing a guarantee, ABBank provided loans to 70 individuals to purchase apartments in the Nam An project. In June 2024, during a supplementary investigation, Ho Chi Minh City Police separated this aspect of the case to clarify the bank's role and responsibility and determine the losses caused by their appraisal and lending practices.

The questioning phase of the trial concluded on July 30th and will resume on August 4th for closing arguments. The verdict is expected on August 18th.

Hai Duyen