Divide assets, proposes Vietnam’s coffee ‘Queen’

By Thi Ha   January 18, 2019 | 06:58 pm GMT+7

The estranged wife of Vietnam’s ‘Coffee King’ has proposed a division of Trung Nguyen Group’s assets between the couple.

Le Hoang Diep Thao, wife of Trung Nguyen coffee brand founder Dang Le Nguyen Vu, said in a statement Thursday that she has proposed that the assets of the Trung Nguyen Group be divided into two parts, with Vu choosing to take one and she taking the other.  

Le Hoang Diep Thao has proposed that the assets of the Trung Nguyen Group be divided into two parts. Photo from Thaos Fanbook page

Le Hoang Diep Thao has proposed that the assets of the Trung Nguyen Group be divided into two parts. Photo from Thao's Fanbook page

The first part would be the Trung Nguyen coffee brand, the Trung Nguyen Legend Stores and its factories. The second would comprise the G7 instant coffee brand and its factories.

Thao said she would allow Vu to make the decision first, with a month’s time to change his mind.

"Both brands are the children that my husband and I have borne and raised in the last 20 years. Even now, I still hope that he and I will continue to keep and develop the two brands together," Thao said.

Thao added that a hearing is scheduled for January 30 in the divorce case between her and Vu.

A representative of Vu told VnExpress that both Vu and the court have not accepted any of Thao’s proposals, but declined to comment further.

Thao’s proposal comes after her accusation last month that her husband’s company forged signatures to remove her from the Trung Nguyen Instant Coffee Corporations (Trung Nguyen IC) and replace her with Vu.

In May 2006, Thao was appointed Trung Nguyen's deputy general director, allowing her to manage the company under Vu's authorization.

She claims that under her management, Trung Nguyen's charter capital increased from VND150 billion ($6.5 million) to VND2.5 trillion ($108.7 million) and both the company's annual revenue and profit grew significantly.

However, in July 2014, Vu signed a decision to dismiss Thao as deputy general director without the board of directors' approval. He also instructed his employees to demolish her office and block her from entering the company's headquarters, Thao has alleged.

Furthermore, he prevented Thao from performing her rights and responsibilities as Trung Nguyen's shareholder and a board member, prompting her to file the lawsuit.

The court of Ho Chi Minh City on September 20, 2018 reinstated Thao as the deputy general director, co-owner and co-founder of Trung Nguyen Group, but on the very next day, Vu dismissed her for the second time, accusing Thao of threatening Vu's partners during the couple's struggles over property and rights to manage and run the company.

Trung Nguyen Group is a top coffee firm in Vietnam. It earned revenues of VND3.95 trillion ($170.5 million) and profit before tax of VND681 billion ($29.4 million) in 2017.

 
 
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