For a long time, while many people in the real estate market or “talk small” that this investor, the owner does not hand the enemy and must know how to hand the enemy not to be good… However, the outcome of these investors is not the same.
In the real estate hot weather period of 2006-2008, just to hear the news of a real estate project, the buyer fought off the money, despite the fact that it was still on paper.
It is this fever, so many businesses just need to “land” some land can be deployed real estate projects of hundreds or even trillions of capital without any of their capital.
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The common practice is that businesses use capital contribution contracts, preferential loans with the right to buy apartments with customers, then, using this money to implement the project. This way has helped many businesses change their lives, becoming a real estate giant in Vietnam. However, it is the real business, and many businesses do cheating, it is expensive.
The story of the recent few years has been the case of Chau Thi Thu Nga, former Chairman of the Housing Group relating to the B5 project in Cau Dien, Hanoi. Currently, Ms. Nga is being investigated, prosecuted in the fraud case, collecting hundreds of billions of customers when the project is not eligible to open for sale. In another courtroom, Mrs. Nga was present as a witness who stated that “the market does it all.”
The latest case is related to 79 Hill Spring Hill Resort project, located in Phuc Yen Commune, Me Linh district, Hanoi.
According to the indictment, in 2003, the project was approved by the People’s Committee of Vinh Phuc province including two zones, including ecological services area, the total area of nearly 93 hectares, the total investment of 199 billion.
The investor is Toan Thang Production, Trading and Service Company Limited with a chartered capital of 2 billion VND. Later, the investor was transferred to An Phat Investment and Tourism Joint Stock Company. Ms. Phan Thuy Mai is a capital contributor in both businesses.
At Toan Phat companies, Ms. Mai contributed 90% of capital and at An Phat Companies, Mrs. Mai contributed 19.8 billion of the total chartered capital of 30 billion, the remaining capital was contributed by individuals Vu The Uu, Tran The Ton and Alfa Company contributed.
In December 2004, An Phat Company signed a cooperation contract with Long Viet Company to invest in the construction of 79 Hill Spring Tourist Site. Then, Long Viet Company transferred 23 billion. This amount is accounted into the item Ms. Phan Thuy Mai contributed equity. Later, Ms. Mai drew back the share purchase of the shareholders who contributed capital, in which 3 shareholders are Mr. Ton, Mr. Uu and Alfa Company withdrew their entire capital contribution and confirmed the waiver of all rights and corresponding obligations.
Recognizing that the project was ineffective, Long Viet Company withdrew its capital. Mai paid an investment of 15.4 billion VND to An Thanh Company and borrowed 9.8 billion VND from VIB Bank.
But then An Thanh Company also asked for capital withdrawal. This time, Mai has transferred 33% of the charter capital of An Phat Company to Ms. Truong Kim Bich with the value of 33 billion dongs.
By 2007, the People’s Committee of Vinh Phuc province has decided to allocate land for An Phat Company with an area of 973,839.8 sqm to build 79 spring tourist area. Then, the People’s Committee of Vinh Phuc province has issued the land use right certificate named An Phat Company.
In the allocated land area there are two villas (5,045 sqm and 1,520 sqm). Ms. Mai representative of An Phat Company signed a contract to transfer two plots of land for herself at the price of 9.8 billion VND, not paying for land. Two bills with the amount of 9.8 billion with the content of Mrs. Mai pay the land purchase is a blank bill. The property valuation committee in Me Linh district assessed, two ground villas valued at 30.5 billion.
After using two land plots, Ms. Mai used as collateral to borrow money from Dong A Bank and was disbursed 25.5 billion dongs, of which Mai made 23.6 billion VND on personal capital at An Phat Company. In order to get the money back, Mai continued to use other landlords to mortgage the loan several times. Once the loan was completed, Mai Mai re-loaned to An Phat Company.
With many transactions round, to date, An Phat Company still owes 89 billion at the bank.
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