Previously, on June 6, the PIA had prosecuted former General Director of IPC and former Chairman of South Saigon Development Joint-Stock Company (Sadeco) Te Tri Dung, former General Director of Sadeco Ho Thi Thanh Phuc, former Deputy General Director of IPC Vu Xuan Duc, former Deputy General Director of IPC Tran Dang Linh for the above-mentioned violation.
According to the initial conclusion, the An Phu Tay settlement area project has a total area of 47 hectares serving for resettlement purposes which the HCMC People’s Committee assigned the South Saigon Development Joint-Stock Company (Sadeco) to be the main investor replacing Binh Chanh Investment and Construction Company. During the implementation process, Sadeco had transferred to IPC nearly 25,000 square meters of land on commercial land with the price of VND6.6 million (US$285) per square meter and transferred over 112,000 square meters of land on resettlement area with the price of VND2.75 million (US$119) per square meter.
In addition, IPC contributed capital worth VND214 billion (US$9.3 million) to Sadeco to invest in infrastructure and received 151 land plots with a total area of nearly 25,000 square meters. Accordingly, IPC sold 149 out of 151 land plots to four individuals and earned VND186 billion (US$8 million). However, through the verification process, the total value of 149 land plots above is worth over VND313 billion (US$13.5 million). Therefore, IPC was found devalue the land plots to around VND127 billion (US$5.5 million) over the market price.