Businessman jailed for real estate swindle

Update: July, 09/2014 - 08:05
Nguyen Dong Hai

KIEN GIANG (VNS) — Nguyen Dong Hai, 38, director of Tan Hai Dang Company in An Minh District in the southern province of Kien Giang, was sentenced to life imprisonment yesterday for deception and appropriation of property.

Hai's accomplices, Duong Van Giau and Nguyen Hoang Minh, both former staff of An Minh District's Land Registration Office, were sentenced to 15 years and 7 years respectively.

Nguyen Van Luom, former chairman of the An Minh District People's Committee, was sentenced to two years' imprisonment for irresponsibility on duty.

From March 2010 until November 2011, Nguyen Dong Hai, with the assistance of Giau and Minh, faked land use certificates and used them as credit to borrow VND101.6 billion (over US$4.83 million) from six banks. Hai also sold land that he did not have the legal right to, taking over VND18.6 billion (over $885,700) from 21 buyers. He was ordered by the court to compensate the banks as well as individual victims. — VNS