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Property

Businesswoman arrested

Released at: 16:36, 08/01/2015

Businesswoman arrested

Chairwoman of construction company arrested over alleged fraud in unlicensed property project.

by Hoang Thu

Ms. Chau Thi Thu Nga, Chairwoman and General Director of the Land and Housing Construction and Investment JSC (Housing Group) was arrested on January 7 in Hanoi for allegedly swindling would-be homebuyers in an unlicensed property project.

According to police from the Ministry of Public Security, Ms. Nga could face charges of “abusing public trust to appropriate property”, relating to the B5 Cau Dien high-rise apartment project in the capital’s Bac Tu Liem district, a joint investment between the Housing Group and the Hanoi Import, Export and Construction Investment and Development Company (HIECIDC).

The 49-year-old businesswoman collected large sums money around VND300 billion ($14 million) from buyers as deposits in the unlicensed property project. In October 2013 police also arrested Mr. Nguyen Van Tuan, former Chairman and Director of HIECIDC.

Besides being a candidate for National Assembly (NA) XIII (2011-2016), Ms. Nga also holds membership of several social organizations, including the Central Housing and Real Estate Policy Committee, the Vietnam National Real Estate Association, and the Hanoi Organization for the Handicapped and Orphans.

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