On 23/11, Hung, 68 years old, was temporarily detained by the Da Nang Economic Police Department on charges of abusing trust to appropriate property.

Suspect Dinh Van Hung at the time of arrest. Photo: Police provided

Hung serves as the general director of Phong Hai Thinh Company, which specializes in real estate, food, metals, and road construction. In 2018, the Quang Nam Provincial People's Committee approved the investment policy for the New Residential Area 2A project (phase two) located in Dien Ngoc ward, Dien Ban town. The project was slated for completion by Q2/2020.

However, the project has not had its progress extended, nor has the land been officially allocated or leased, meaning no financial obligations to the State have arisen. Despite the project lacking legal eligibility, in 3/2022, Hung signed commitments to transfer eight land lots to two customers, with a total transaction value of 13,68 billion VND. Hung received 6,84 billion VND.

According to the allegations, Hung committed to transferring the land within 12 months and to use the funds collected for company business operations. However, he allegedly diverted the money for personal use. By the agreed deadline, he failed to deliver the land and was unable to issue refunds.

The Da Nang Police Department is urging individuals who signed land purchase contracts for the New Residential Area 2A project (phase two) of Phong Hai Thinh Company to come forward and provide documentation at 47 Ly Tu Trong, Hai Chau ward, or call 0355.912.606 (ask for investigator Tran Van Mong).

Ngoc Truong