Trinh Xuan Thanh receives second life sentence

Trinh Xuan Thanh was identified as the mastermind behind the crime

According to the proposals of the court and the conclusions of the procuracy, on March 27, 2010, Trans-Pacific Services JSC, which has five founders and shareholders, signed a deposit contract to sell 24 million shares of the Nam Dan Plaza project at Pham Hung Street to Le Hoa Binh at VND21,000, equivalent to VND52 million ($2,291) per sq.m.

After signing the deposit contract, Le Hoa Binh took over the shares from the four shareholders of Trans-Pacific Services JSC at this price. However, the remaining shareholder, PV Power Land, sold its stake at only VND13,578 apiece, equaling VND34 million ($1,500) per sq.m. The total value of the contract was VND191 billion ($8.4 million), down VND87 billion ($3.83 million) compared to the value of the deposit contract, and causing damages to PV Power Land.

The investigation agency confirmed that Trinh Xuan Thanh, Dinh Manh Thang, Thai Kieu Huong, Dao Duy Phong, Nguyen Ngoc Sinh, Dang Sy Hung, and Huynh Nguyen Quoc Duy in collaboration with Le Hoa Binh and Nguyen Thi Kim Thoa transferred PV Power Land’s shares at a price below the deposit contract.

The procuracy held that the defendants embezzled the difference of VND49 billion (VND2.16 million). Accordingly, Thanh received VND14 billion ($616,740), while Thang took VND5 billion ($220,265), Phong VND8 billion ($352,423), Sinh VND2 billion ($88,106), and Hung VND20 billion ($881,060).

The trial panel said that Thanh has acknowledged his violations and paid back the embezzled money, so his penalty was reduced. Thang gained a large benefit from the violation, but he pleaded guilty and paid back the money, so his penalty was mitigated reduced. The other defendants did the same, too.

The sentence outlined enough evidence to conclude that Thanh was the mastermind behind transferring over 12 million of PV Power Land’s shares from Trans Pacific JSC to Le Hoa Binh at a lower price and misappropriate the difference. Thus, Thanh received VND14 billion ($616,740) in a suitcase that Thang sent to him through his driver.

The sentence once again confirmed not to miss any criminals as the claims of some lawyers. It also reaffirmed that defendants caused damages of VND87 billion ($3.83 million) to the state-owned enterprise.

Additional life sentence proposed for Trinh Xuan Thanh Although Trinh Xuan Thanh denied the charges of appropriating VND14 billion from PV Power Land, the procuracy has produced enough evidence to charge him.

Trial of Trinh Xuan Thanh and Dinh La Thang’s brother to start today Today, the Hanoi People’s Court opens the first instance hearing of the trial of Trinh Xuan Thanh, Dinh Manh Thang, and six other defendants charged ...

PVC trial ends in life sentence Dinh La Thang has been sentenced to 13 years of imprisonment and Trinh Xuan Thanh has been given a life sentence.

PVC embezzlement trial starts today This morning, the Hanoi People’s Court opened the first instance hearing of Dinh La Thang, Trinh Xuan Thanh, and 20 other related defendants charged with ...