Regarding the case “Fraudulent appropriation of property at Alibaba Real Estate JSC" as reported by local media, Ho Chi Minh City Police yesterday published a specific list of 43 "ghost" projects which have been illegally distributed to buyers and investors by this company.
Among these 43 "ghost" projects of Alibaba Company, there are 28 projects in Dong Nai, 13 others in Ba Ria - Vung Tau, and the remaining 2 projects in Binh Thuan.
According to the police department, Nguyen Thai Luyen, Chairman and CEO of Alibaba Real Estate JSC plays the role of mastermind, leading and co-operating with Nguyen Thai Linh, his brother, to establish Alibaba Company and its subsidiaries. Alibaba collected and purchased a large amount of agricultural land with a total area of over 600ha, then illegally establish 40 land projects which have not been approved by the competent authorities. Over 2,600 salespersons of the company advertised them as residential land projects to cheat buyers.
As of June 30, 2019, Alibaba Company has signed contracts to sell lands to more than 6,700 customers, earning VND2.5 trillion illegally.
Previously, on September 24, Ho Chi Minh City Police Department issued a decision to prosecute Nguyen Thai Luyen and Nguyen Thai Linh on charges of "fraudulent appropriation of property". The two will be detained within 4 months for investigation.
