Vietnamese businessman held for swindling two Australian investors of $7 mln

Vietnamese police have detained the leader of a domestic company for appropriating US$7 million from two Australian investors in a swindling case that occurred from 2010-2012 in Ho Chi Minh City.


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Police from the Ministry of Public Security have commenced legal proceedings against Hoang Van Luong, 56, the general director of the Rang Dong Services and Trading Joint Stock Company, located in the southern province of Binh Phuoc, on charges of “appropriating property through swindling.”


Luong committed the swindle through a project to build two tenement buildings in HCMC in 2010.


According to the case file, on August 5, 2010, the general meeting of shareholders of Rang Dong approved cooperation between the company and a Vietnamese-Australian businessman, Tran Ngoc, in developing a construction project named Z.756 in HCMC.


Luong then authorized Ngoc to carry out issues related to the project on behalf of the shareholders.


In August 2010, Lam Yin Cho and Lee Park Ling, both of Australian nationality, arrived in Vietnam to seek business opportunities, and they eventually contacted Rang Dong.


Ngoc and other leaders of Rang Dong then introduced the men to a project that would build two 30-storey apartment blocks on 3,500 square meters of land owned by Rang Dong on Ba Thang Hai and Cao Thang Streets in HCMC.


A month later, the foreign investors agreed to sign a business cooperation contract with Rang Dong to implement the project.


The two investors did not know that the buildings were not included in the approved construction planning of local authorities.


They then returned to Australia and established a business, Aust Viet Investment Pty. Ltd, to implement the construction project.


Under the signed contract, from September 2010 to January 2012, the two Australians made 16 bank transfers totaling US$6.41 million to Ngoc’s account.


They also transferred $485,000 to Luong’s account in January 2012.


Ngoc withdrew all the transferred money and gave it to Luong, who finally kept $6.895 million in total.


Luong then used $200,000 of the amount to pay Ngoc as remuneration for calling investment for Rang Dong.


Later, after discovering that the project could not be implemented, the two Australian investors filed a complaint to competent authorities accusing Luong of appropriating their money.


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