Quoc Cuong Gia Lai Company agreed to pay 2,882 billion VND to Ms. Truong My Lan

On November 8, the trial of defendant Truong My Lan (Chairwoman of the Board of Directors of Van Thinh Phat Group) and 47 other defendants continued with the questioning of defendants, people with related obligations and rights, to clarify the civil part of the case.

At the trial, the defendant Truong My Lan's lawyer said that Quoc Cuong Gia Lai Company had agreed to pay his client VND2,882 billion according to the first instance court's verdict on the transfer of the project in Nha Be.

"Quoc Cuong Gia Lai Company has withdrawn its appeal, which means it has agreed to pay you VND2,882 billion. The only remaining issue is the specific time when they will make the payment. So, do you agree to use this money to remedy the consequences of the case? ", the lawyer representing Ms. Lan asked. Ms. Lan answered "yes".

According to regulations, the High People's Court will suspend consideration of Quoc Cuong Gia Lai Company's request because they have withdrawn their appeal.

At the first instance verdict, the panel of judges issued a verdict on each property related to Ms. Truong My Lan (chairwoman of Van Thinh Phat Group) that was seized in the case, including 475 real estates related to Quoc Cuong Gia Lai Joint Stock Company.

These 475 properties include: 301 land use right certificates, 21 notarized contracts, 147 compensation agreements for land plots in Phuoc Kien commune, Nha Be district, Ho Chi Minh City (belonging to the Bac Phuoc Kien residential area project) and 6 land use right certificates in Phong Phu commune, Binh Chanh district, Ho Chi Minh City.

The panel of judges determined that Ms. Truong My Lan used Sunny Island Investment Joint Stock Company (Sunny Company) to sign a contract promising to buy and sell the Bac Phuoc Kien residential area project with Quoc Cuong Gia Lai Company for 14,800 billion VND.

Ms. Lan has paid Quoc Cuong Gia Lai Company 2,882.8 billion VND to continue compensation for site clearance and received from Quoc Cuong Gia Lai Company documents related to compensation for site clearance of the above project.

According to the verdict, the general director of Quoc Cuong Gia Lai Company also assigned Ms. Truong My Lan to keep 6 land use right certificates in Phong Phu commune, Nha Be district for the purpose of borrowing more money.

Then Quoc Cuong Gia Lai Company sued Sunny Company at the Commercial Arbitration Court for not making payment on time as stated in the purchase and sale contract dated March 29, 2017.

The Arbitration Council of the Vietnam International Arbitration Center (VIAC) issued a judgment, declaring that Quoc Cuong Gia Lai Company terminated the above promised contract with Sunny Company in accordance with the provisions of the contract and the provisions of the law, and did not declare that Quoc Cuong Gia Lai Company paid money to Sunny Company.

However, this VIAC ruling was annulled by the Ho Chi Minh City People's Court.

According to the appellate court, to ensure the recovery of assets for the State but also to ensure the rights of related parties, it is necessary to continue the seizure to ensure that Quoc Cuong Gia Lai Company returns the entire amount received from Ms. Truong My Lan, which is 2,882.8 billion VND.

This amount will ensure the execution of the judgment for Ms. Truong My Lan in the entire case. If Quoc Cuong Gia Lai Company fully repays, it will receive back all the real estate and related documents mentioned above.

Hoang Tho

Source: https://vtcnews.vn/cong-ty-quoc-cuong-gia-lai-chap-nhan-tra-2-882-ty-dong-cho-ba-truong-my-lan-ar906323.html