Nguyen Thai Luyen's wife is looking for someone to help compensate for more than 2,400 billion VND

On May 12, the High People's Court in Ho Chi Minh City continued the appeal trial of the case of fraud, appropriation of property, and money laundering that occurred at Alibaba Real Estate Joint Stock Company.

At the trial, defendant Vo Thi Thanh Mai (wife of Alibaba Company CEO Nguyen Thai Luyen) said that she had to compensate the victims for more than 2,400 billion VND, and she herself was unable to remedy the consequences.

Nguyen Thai Luyen's wife is looking for someone to help compensate more than 2,400 billion VND - 1 — Defendant Vo Thi Thanh Mai at the trial. (Photo: TN)

" All of the defendant's personal assets have been confiscated by the prosecution agency, and there is no possibility of recovery. After Mr. Le Viet An (a business partner) withdrew his intention to compensate the defendants for more than 2,400 billion VND, the defendant has not found another investor to recover but will try," defendant Mai said.

With the amount of 12 billion VND to remedy the crime of money laundering, Vo Thi Thanh Mai said Mr. Le Viet An agreed to remedy on behalf of the defendant.

Previously, at the trial on May 9, the panel of judges announced that before the appeal hearing, Mr. Le Viet An submitted a request to compensate the victims (more than 2,400 billion VND) on behalf of Nguyen Thai Luyen and his wife and pay 12 billion VND on behalf of defendant Vo Thi Thanh Mai (Luyen's wife) to remedy the consequences of the crime of money laundering.

In return, the ownership of Luyen's real estate that is being seized in the case will be transferred to Mr. An. Defendant Luyen also agreed in writing to the above contents.

The panel of judges analyzed the agreement between the defendants and Mr. An as a civil transaction beyond the jurisdiction and scope of the court and could not be resolved in the same case.

However, on May 11, when presenting before the court, defendant Mai said that after being invited to work and explain by the court, Mr. An felt that spending a large amount of money was risky, so he withdrew his request to compensate for the damage.

On December 29, 2022, after more than 2 weeks of first-instance trial, Ho Chi Minh City People's Court sentenced defendant Nguyen Thai Luyen to life in prison for fraud and appropriation of property. Defendant Vo Thi Thanh Mai (Luyen's wife) was sentenced to 20 years in prison for fraud and appropriation of property and 12 years in prison for money laundering, a total sentence of 30 years in prison. The panel of judges ordered Luyen and his wife to jointly compensate the entire amount of more than 2,400 billion VND to the victims.

Defendants Nguyen Thai Luc and Nguyen Thai Linh (Luyen's two younger brothers) were sentenced to 27 years in prison and 17 years in prison respectively for fraud and money laundering. The remaining defendants were sentenced to between 10 and 19 years in prison.

According to the indictment, defendant Nguyen Thai Luyen directed the entire operation of Alibaba Real Estate JSC and 22 affiliated legal entities as investors of 58 "ghost projects".

To create trust and attract customers, Luyen has come up with a sales tactic of committing to buy back at a higher price of 30% after 12 months or 38% after 15 months from the date of payment; or re-rent at a price of 2%/month from the date of signing and paying 95% of the contract value.

Most customers who received land transfers in the form of residential land offered by Alibaba Company did not receive land use right certificates in the form of residential land as committed, but were instead transferred to the form of interest payment or repurchase by the company according to the option contracts or attached contract appendices.

The entire illegally self-drawn residential project that Alibaba Company transferred to customers is not residential land as stated in the transfer contract.

Therefore, this is not considered a legal civil contract that can be performed according to the option contracts or accompanying contract appendices.

Hoang Tho

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