HCMC – Property developer Capella’s chairman Nguyen Cao Tri has been found guilty of exploiting Truong My Lan’s trust to embezzle VND1 trillion and sentenced to eight years in prison for asset misappropriation.
The High People’s Court in HCMC resumed appeals proceedings on November 7, involving Truong My Lan and 47 others tied to the cases of Van Thinh Phat Group and SCB. Tri filed a request for absence from the hearing due to health issues, stating he suffers from a spinal injury.
Court documents showed that Tri repeatedly received funds from Lan for the transfer of 31.22% ownership in Industrial Rubber JSC and Saigon Dai Ninh Company, as well as for investments in a project in Quang Ninh Province.
Tri and Lan allegedly met at a restaurant in January 2021 to formally settle the total amount of VND1 trillion. Tri then orchestrated the drafting and signing of share transfer documents, using Ho Quoc Minh as a proxy for Lan.
On that same day, Tri granted Minh ownership of 10% of the charter capital in Van Lang Investment and Education Management Group Corporation.
Following Lan’s arrest and detention on October 7, 2022, for alleged fraud and property appropriation, Tri instructed his subordinates to fabricate documents to nullify the agreement, backdating them in an attempt to avoid returning VND1 trillion to Lan.
The lower court found that Tri misappropriated VND1 trillion from Lan, initially intended for share transfers and investment projects. The court ordered Tri to repay the amount to offset Lan’s financial obligations in the broader case.
Tri’s lawyer confirmed that he had completed the repayment, including an additional VND189 billion payment to fulfill civil obligations, and has paid all required court fees.
In a separate matter, Do Thi Nhan, former chief of the Inspectorate and Supervision Department II under the State Bank of Vietnam, appealed for the removal of asset seizures, including land and savings certificates.
Nhan said that certain assets were unrelated to her alleged criminal activities and have long been in her possession.
