Executive arrested in Danang land deal scam

May 12, 2008 | 18:30

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Police in Danang have detained a local land dealer for a scam to defraud his partner out of $1.5 million.

Nguyen Hoang Ha (middle) fought the law and the law won

Nguyen Hoang Ha, director of Back Khoa Construction Verification Consulting Company (Back Khoa), was denounced for swindling Thai Duong Joint Stock Company (Thai Duong) in a deal to purchase 4,106 square metres of land in Danang’s Nguyen Huu Tho Street.

Thai Duong chairperson Nguyen Bich Tro said she had agreed to purchase the plot for $2.67 million. The lot was owned by Do Thi Thu, who entrusted Bach Khoa with the sale. Thai Duong and Back Khoa had agreed on a purchase contract late last year. Accordingly, the former was required to pay the latter deposits of $1.24 million before this year’s January 1 deadline. Thai Duong has paid $1.15 million.

After the deadline passed, Ha received another $347,826 from Tro, including an $86,956 deposit and $280,670 in further payment for the purchase. However, Bach Khoa informed the purchaser that the contract would be terminated from January 18 on the grounds that Thai Duong had been slow in payment.

The case was brought to local court in order to reach an amicable compromise. While the case was still in court, Back Khoa was found of secretly mortgaging the lot for $1.18 million. Danang Police became involved after Ha attempted to flee overseas. Ha was already notorious for his bids on plot where the local Department of Fisheries, Forestry and Agriculture was located. The plot in Nguyen Thi Minh Khai Street was sold late last year by the municipal authorities and Ha beat out 13 bidders for the $3.23 million plot, or more than double the initial reserve of $1.24 million. To date, Ha has paid only $68,320 for the site.

By Trong Thuc

vir.com.vn

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