Realty firm CEO arrested in Vietnam Rubber Group bribery case
Nguyen Thi Nhu Loan, CEO of real estate developer Quoc Cuong Gia Lai Corporation, has been detained by the Ministry of Public Security's investigative agency.
In a Friday announcement, the agency (C03) said the arrest was made under expanded investigation into violations at state-controlled Vietnam Rubber Group (VRG), Dong Nai Rubber Company, Ba Ria Rubber Company, and the Ministry of Natural Resources and Environment.
Nguyen Thi Nhu Loan, CEO of real estate developer Quoc Cuong Gia Lai Corporation. Photo courtesy of the firm.
The wrongdoings include “violating regulations on the management and use of state assets, causing loss and wastefulness”, “taking bribes”, and “abuse of power while on duty.”
The investigative agency had issued arrest and search warrants against Loan for allegedly breaching regulations on the management and use of state assets, causing loss and wastefulness, per the Penal Code.
It said police were collecting evidence to expand the investigation and clarify violations of Quoc Cuong Gia Lai Corporation and relevant bodies in order to retrieve assets for the State.
On July 17, C03 arrested Tran Ngoc Thuan, former VRG general director, on bribery charges. Legal proceedings were also launched against Nguyen Thi Hong, former Vice Chairwoman of the Ho Chi Minh City People's Committee, for “abusing position and power while on duty.”
Another senior official implicated in this case, Doan Ngoc Phuong, deputy director of the Land Resources Development and Planning Agency under the Ministry of Natural Resources and Environment, was arrested May 28 for allegedly accepting bribes. Phuong was also chairman of the Council for Valuing Assets in Criminal Proceedings.
On May 23, the police had detained eight others for "violating regulations on management and use of state assets, causing loss and waste."
The arrestees were: Le Quang Thung, former general director and acting board chairman of VRG; Huynh Trung Truc, former deputy general director of VRG; Pham Van Thanh, former head of VRG’s investment planning department; Nguyen Thi Gai, former general director of Dong Nai Rubber Company; Nguyen Cong Tai, former chairman of the council of members of Ba Ria Rubber Company; Nguyen Trong Canh, former deputy general director of Ba Ria Rubber Company; Le Y Linh, former director of Viet Tin General Trading Company Limited; and Dang Phuoc Dua, former board chairman of Viet Trust Investment-Trading Corporation.
C03 has also placed under house arrest Nguyen Thanh Chau, former board chairman of Dong Nai Rubber Company, also for "violating regulations on management and use of state assets, causing loss and waste."
Shares of Quoc Cuong Gia Lai Corporation, listed on the Ho Chi Minh Stock Exchange as QCG, plunged to lower limit at VND9,070 ($0.36) apiece at the close on Friday.
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