The Investigation Police Agency has just completed the conclusion of the case of "Giving bribes; Receiving bribes; Abusing positions and powers while performing official duties" that occurred in Lam Dong province and some related localities and proposed to prosecute 10 defendants. Among them, Mr. Nguyen Cao Tri - General Director of Saigon Dai Ninh Company - was proposed to be prosecuted for the crime of "Giving bribes".
Sai Gon Dai Ninh Company was granted an investment certificate for the Dai Ninh project in Duc Trong district, Lam Dong province, for a period of 2010 - 2018. On June 12, 2020, the Government Inspectorate issued Inspection Conclusion No. 929 recommending land recovery and termination of investment activities at the Dai Ninh project.
At that time, Ms. Phan Thi Hoa - Chairwoman and General Director of Saigon Dai Ninh - agreed to transfer the business and project to Mr. Nguyen Cao Tri.
Nguyen Cao Tri used an "old as the hills" but very effective strategy, which was to "give bribes" to prevent the project from having its land reclaimed, to extend the progress and continue implementation. From there, Nguyen Cao Tri transferred the Dai Ninh project to Novaland Group, earning a profit of 2,700 billion VND.
A spectacular deal, a very "profitable" investment but with very high profits. According to information from the investigation agency, Nguyen Cao Tri gave the officials less than 20 billion VND. If the cost of "changing black to white" of the project was only like that, but the profit was up to 2,700 billion VND, then it was truly a super profit.
What do you see from Nguyen Cao Tri's money-making business?
There are many people who work on projects to get licenses, then turn them over to make money. Just by using relationships and bribes, they become rich to the point of being "unrivaled". They do not produce and do business, create material wealth, or solve employment problems for society, but only "do business" in relationships.
The cost of the transferred projects kept increasing, the difference went into the pockets of interest groups. The consequences were clear: the prices of the products of those projects were pushed up, causing real estate prices in the market to skyrocket, creating instability not only for the real estate market, but also affecting the economy as a whole.
As for interest groups, cases like Nguyen Cao Tri's continue.
