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Vimedimex chairwoman detained over land auction irregularities

The Saigon Times

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HCMC – Nguyen Thi Loan, board chairwoman of Vimedimex Medi-Pharma JSC, has been detained for her alleged violations of land auction regulations, according to the Hanoi City Police Department’s decision issued yesterday, November 9.

Aside from Loan’s arrest, the police detained seven other people, including Vuong Thi Thu Thuy, an officer of the district’s Project Management Board, and Nguyen Thi Dieu Linh, general director of the Hanoi Valuation and Investment JSC.

The preliminary investigation results show that the Dong Anh District Project Management Board in August last year held an auction for a plot of land covering nearly five hectares in the district’s Co Duong Commune. The plot was estimated to cost some VND500 billion.

However, Loan colluded with officials of the Dong Anh District Project Management Board and those of the valuation and investment firm to adjust down the land value. By forging 12 survey papers, the defendants lowered the land value to around VND300 billion.

Then, a land appraisal council approved the floor price of the land plot at some VND18 million per square meter to carry out the auction.

The Vimedimex chairwoman established many companies to join the auction. One of her firms won the auction with a bid of over VND20 million per square meter. One month after the handover of the land plot, Loan sold the land plot from VND80 million-VND100 million per square meter.

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