Tycoon Nguyen Cao Tri has real estate frozen while under investigation

General director of Saigon-Dai Ninh Tourism Investment Joint Stock Company Nguyen Cao Tri, who runs a project reportedly worth billions of dollars in Lam Dong province, has had his houses and land frozen.

Lam Dong's Department of Justice issued a document to notaries in the Central Highlands province to prevent transactions of Tri's land use rights, house ownership, and other assets attached to his land.

Nguyen Cao Tri, born in 1970, lives in District 3, Ho Chi Minh City. The Lam Dong Department of Justice requested notaries to suspend contracts of purchase, sale, transfer, or donations of Tri's properties.

Th decision is in response to a request from the Ministry of Public Security's Investigation Police Department for Corruption, Smuggling and Economic Crimes (C03) with regards to an investigation into Nguyen Cao Tri.

Tri was found to have been involved in a case which was prosecuted by C03 on October 14, 2022 and subject to a decision dated January 15, 2023 to amend the prosecution's decision.

Tri is well-known in the business world. He has held senior positions at member companies of Ben Thanh Group, including director of investment at Ben Thanh Tourist Company (1999-2005), and general director of Ben Thanh Real Estate Investment Joint Stock Company (Ben Thanh Land).

At Saigon-Dai Ninh Tourism Investment Joint Stock Company, Tri was general director. The company is the main investor in the Dai Ninh urban eco-resort, tourism and trade complex - a "super" project in Lam Dong covering 3,595 hectares and a total investment of more than VND25 trillion ($1.05 billion). Tri had also applied to adjust the total project investment to more than VND30 trillion.

Saigon-Dai Ninh was granted an investment certificate by Lam Dong's People's Committee to implement the project on December 30, 2010. The project is located across four communes in Duc Trong district, with implementation progress from 2010-2018. The project has six functional subdivisions, and when completed it will be home to about 19,734 people.

However, after more than 10 years, the project has only completed a few of its objectives. The main components have not been implemented, including the "winter hide" residential area, summer villa area, tourism resort, central urban area, green park, sports gym, and flower garden.

Duc Trong district's leaders said that Saigon-Dai Ninh Tourism Investment Joint Stock Company allowed over 257 hectares of forests be destroyed and 111 ha of forests encroached upon.

In 2017, Lam Dong's Department of Finance decided to ask the company to pay compensation for the loss of forest resources totaling VND6.66 billion, but by mid-2020, the business had only paid VND1.67 billion ($70,400).

Regarding the "super" project, on March 15, 2023, former Chief Inspector of Lam Dong province Nguyen Ngoc Anh was detained by C03 in coordination with Lam Dong Police for "receiving bribes".