Nguyen Thai Luyen does not admit fraud

As we mentioned, the People’s Procuracy of Ho Chi Minh City has just issued an indictment against Nguyen Thai Luyen, Chairman of the Board of Directors of Alibaba JSC and 22 defendants in the case of fraud to appropriate property; Money Laundering Happens at Alibaba Real Estate.

The investigative agency determined that Nguyen Thai Luyen, in the role of Chairman of the Board of Directors of Alibaba Company, was the one who directed throughout, all activities of Alibaba Company and 22 affiliated legal entities.

During the investigation, Luyen admitted that he was the one who directed all activities of Alibaba Company; Directing his subordinates to buy agricultural land, the purchase price is according to the price bracket Luyen specified, the land location is oriented by Luyen, only when Luyen agrees, Vo Thi Thanh Mai, the company’s financial director, will request. staff make payment (cash) or UNC (transfer) depending on the seller’s request. Luyen is also the person who requests and directs the graphic design department, who approves when plotting plots, land plots, and prices of goods when sold to customers.

However, the Investigation Agency said, Nguyen Thai Luyen did not admit the crime. The defendant believes that he does not advertise falsely, does not appropriate anyone’s money; the accused did not distribute the plots illegally. Luyen said that all certificates of land use rights have clear planning; The division of plots for sale of plots was directed by the accused to the employees in accordance with the provisions of the law. Currently, the accused owns more than 430ha of land, so the charge of “fraudulent appropriation of property” has no legal basis.

Although Nguyen Thai Luyen did not admit to committing a crime, the results of the investigation determined that many people took advantage of the lack of understanding of the law in the transfer of land use rights. Nguyen Thai Luyen has established 22 companies, under the name of the Director and the legal representatives of these companies are the family members or close friends of Luyen (the shareholders participating in the capital contribution to establish the company). Company is just a formality, actually does not contribute money).

Train and direct subordinates to use the system of companies attached to the organization to buy a large amount of agricultural land. The money to buy agricultural land is mobilized from customers by using the legal entity of Alibaba Real Estate Joint Stock Company and other companies in the same system, setting up residential projects by themselves, illegally dividing plots, giving out inappropriate information. As real as these are fully legal projects, self-titled projects to call for, trick to sign contracts to sell land in the form of residential plots to raise money from customers.

According to the investigative agency, in some cases, even though they did not sign a deposit contract or receive a transfer, the agricultural land plot was owned by people and was being used, but the defendants still named the project, subdivision, dividing the ground, on other people’s agricultural land to attract money from customers (Phu My Center City project…); or using a rotation trick by many new projects only depositing to buy agricultural land plots, not yet performing notarized transfer transactions, the defendants do not have the right to own the land plots but also have attractive project names. guide calling for customers to invest (the project Ali Vienice City….); or do-it-yourself projects.

After the project sold a backlog of products, Nguyen Thai Luyen directed to change the name or ask for a merger to create a new project so that customers would trust Alibaba to grow up, have many products, and invest in the company. Alibaba. Specifically, the Long Phuoc project was renamed to Long Phuoc 1, at the end of 2018, when Alibaba Long Phuoc 1 could no longer be sold to customers, Nguyen Thai Luyen directed the divisions of Alibaba Company to rename the Alibaba Long Phuoc project. 1 into Alibaba NewLand project; or the Alibaba Long Phuoc 6 project, when unable to sell, Nguyen Thai Luyen directed his subordinates to redraw the Alibaba City Land and Alibaba Luxury City projects themselves; or Alibaba Golden City project renamed from Alibaba Long Phuoc 12…).

Alibaba offers sales tricks: commitment to buy back at a higher price from 30% after 12 months or 38% after 15 months from the date of payment; or sublease at 2%/month from the date of signing and pay 95% of the contract value.

With these methods, most customers who receive land transfer in the form of residential plots offered by Alibaba Company will not receive the residential land use right certificate as committed when it is due, but will be Alibaba Company switches to the form of interest payment or repurchase according to the attached Option Contracts or Contract Addendums.

The Investigation Agency concluded that by the above tricks, Nguyen Thai Luyen directed his subordinates to appropriate 2,264,186,156,045 VND from 4,316 customers.

According to Huyen Cham