LDG Investment deputy general director arrested for deceiving customers

By Thai Ha
Fri, April 12, 2024 | 10:53 pm GMT+7

Dong Nai province’s police on Thursday arrested Nguyen Quoc Vy Liem, former deputy general director of LDG Investment Joint Stock Company, for “deceiving customers”.

The case occurred at the Tan Thinh residential complex (Viva Park), invested by LDG, in Trang Bom district, Dong Nai province, southern Vietnam.

The police said they were continuing to investigate several people for “abusing positions and power while on duty” and “deceiving customers”.

The case has been placed under the monitoring and direction of the Central Steering Committee on Anti-corruption and shortcomings.

Expanding their investigation, Dong Nai province police determined that Nguyen Quoc Vy Liem, born in 1979, had deceived customers by signing contracts to sell houses and land use rights at the Viva Park project, illegally gaining hundreds of billions of Vietnamese dong for LDG (VND100 billion = $4 million).

The police reads the decision to launch legal proceedings against and arrest Nguyen Quoc Vy Liem, former deputy general director of LDG Investment Joint Stock Company, April 11, 2024. Photo courtesy of the police.

The police reads the decision to launch legal proceedings against and arrest Nguyen Quoc Vy Liem, former deputy general director of LDG Investment Joint Stock Company, April 11, 2024. Photo courtesy of the police.

For the same charges of “deceiving customers”, in November 2023, the police arrested Nguyen Khanh Hung, born in 1978, chairman of LDG.

Legal proceedings were also launched against five officials of Trang Bom district for “abusing positions and power while on duty”.

Police have asked organizations and individuals who signed contracts to buy houses and land use rights at the Viva Park project to provide documents and evidence so the violators can be punished in line with the law.

Two other LDG projects - West Intela and High Intela in District 8, Ho Chi Minh City - are also entangled in controversy because having taken buyers' money, the projects were put on the shelf and properties were not transferred as scheduled.

In the field of securities, in August 2023, Hung, then chairman of LDG, secretly sold more than 2.6 million LDG shares without informing relevant authorities of the upcoming sale.

For this act, Hung was fined more than VND520 million ($20,780) and banned by the State Securities Commission from trading stocks for four months.

Comments (0)
  • Read More
Vietnam’s resort town Da Lat to have $67 mln ESG realty complex

Vietnam’s resort town Da Lat to have $67 mln ESG realty complex

The One Destination has partnered with a Singapore investor and an institutional fund to build an ESG real estate complex in Vietnam’s famous resort town of Da Lat.

Real Estate - Thu, November 14, 2024 | 7:09 pm GMT+7

Vietnam prepares for 11-15% power supply growth in 2025: ministry

Vietnam prepares for 11-15% power supply growth in 2025: ministry

Vietnam expects its electricity supply to grow 11-15% in 2025, Minister of Industry and Trade Nguyen Hong Dien said Thursday, while asking relevant state agencies and power suppliers to make utmost preparations.

Energy - Thu, November 14, 2024 | 7:05 pm GMT+7

S Korea’s Kumho Tire to raise investment in Vietnam province to $908 mln

S Korea’s Kumho Tire to raise investment in Vietnam province to $908 mln

South Korea’s Kumho Tire will pour an additional $300 million into the southern province of Binh Duong as its third-phase investment, increasing the total amount to $908 million.

Industries - Thu, November 14, 2024 | 3:45 pm GMT+7

Former transport minister Nguyen Van The faces disciplinary action for Thanh An Group-related violations

Former transport minister Nguyen Van The faces disciplinary action for Thanh An Group-related violations

Vietnam's Central Inspection Committee has proposed disciplining Nguyen Van The, former Minister of Transport.

Politics - Thu, November 14, 2024 | 2:43 pm GMT+7

Central Vietnam hub Danang seeks investment for urban railway airport link

Central Vietnam hub Danang seeks investment for urban railway airport link

Da Nang is calling for investment in a major urban railway project that will connect the Danang International Airport with the central city’s famous My Khe Beach.

Infrastructure - Thu, November 14, 2024 | 2:21 pm GMT+7

HSBC provides first green trade facility in Vietnam’s seafood industry

HSBC provides first green trade facility in Vietnam’s seafood industry

HSBC Vietnam has entered an agreement to provide green trade financing to Vinh Hoan Corporation, marking the first ever green facility that the former has arranged for the latter and for the seafood sector.

Banking - Thu, November 14, 2024 | 2:11 pm GMT+7

Thailand’s Central Retail opens $17 mln mall in southern Vietnam

Thailand’s Central Retail opens $17 mln mall in southern Vietnam

Thailand’s leading retailer Central Retail has launched its 41st Vietnam outlet, the GO! Bac Lieu mall, in the eponymous Mekong Delta province.

Industries - Thu, November 14, 2024 | 1:47 pm GMT+7

Taiwan cooling solution firm AVC to spend $18 mln on building factory in Vietnam

Taiwan cooling solution firm AVC to spend $18 mln on building factory in Vietnam

Asia Vital Components (AVC), a Taiwan-based cooling solution provider, will spend VND457.1 billion ($18 million) on building a second phase factory in Vietnam.

Industries - Thu, November 14, 2024 | 11:07 am GMT+7

Vietnam stock market likely to face valuation discounts during Trump’s presidency: analysts

Vietnam stock market likely to face valuation discounts during Trump’s presidency: analysts

Emerging markets, including Vietnam, may face valuation discounts during President-elect Donald Trump’s second term, say analysts at Vietnam-focused fund management company Dragon Capital.

Finance - Thu, November 14, 2024 | 10:26 am GMT+7

Viettel launches world's first O-RAN 5G network using Qualcomm chipset platforms

Viettel launches world's first O-RAN 5G network using Qualcomm chipset platforms

Viettel has announced the commercial launch of its Open RAN (O-RAN) 5G Network, featuring key equipment developed in-house, marking the world's first O-RAN 5G network utilizing Qualcomm Technologies' 5G RAN platforms.

Companies - Thu, November 14, 2024 | 9:52 am GMT+7

Malaysia commits to net zero emissions by 2050

Malaysia commits to net zero emissions by 2050

Malaysia has committed to achieving net-zero greenhouse gas emissions by 2050, positioning itself as a responsible global player in the fight against climate change despite contributing just 0.8% of global emissions.

Southeast Asia - Thu, November 14, 2024 | 8:25 am GMT+7

Thailand eyes congestion charges to ease capital traffic

Thailand eyes congestion charges to ease capital traffic

The Thai Ministry of Transport said on Tuesday that it is exploring the implementation of a congestion charge program to alleviate chronic traffic problems in the capital city of Bangkok, improve air quality and promote the use of public transportation.

Southeast Asia - Thu, November 14, 2024 | 8:24 am GMT+7

Indonesia, Japan agree to reduce greenhouse gas emission​

Indonesia, Japan agree to reduce greenhouse gas emission​

Indonesia and Japan on Tuesday agreed to start implementing the Mutual Recognition Arrangement (MRA) for the implementation of bilateral carbon trading cooperation.

Southeast Asia - Thu, November 14, 2024 | 8:22 am GMT+7

Thailand remains world's fourth biggest exporter of pet food

Thailand remains world's fourth biggest exporter of pet food

Thailand remains the world’s fourth largest pet food exporter, tapping into a booming global market valued at over $280 billion.

Southeast Asia - Thu, November 14, 2024 | 8:20 am GMT+7

Banking stocks to gain as Vietnam market nears status upgrade: experts

Banking stocks to gain as Vietnam market nears status upgrade: experts

Banking stocks are set to benefit the most from the impending upgrade of Vietnam’s stock market to “emerging market” status, with an influx of foreign investment and heightened market activity in the near future, experts say.

Banking - Thu, November 14, 2024 | 8:00 am GMT+7

Vietnam faces complex challenge as counterfeits shift to cyberspace

Vietnam faces complex challenge as counterfeits shift to cyberspace

Even as the prevalence of counterfeit goods in traditional markets has dropped significantly, their online presence has become a growing concern, says Nguyen Ngoc Ty, CEO of Non Son Fashion Company Limited, a company dedicated to producing and selling hats and helmets.

Economy - Wed, November 13, 2024 | 7:21 pm GMT+7