Property developer arrested for seal forgery

By An Binh November 9, 2023 | 03:32 pm PT

Nguyen Minh Hoang (R) pictured as he was arrested by the police in Can Tho City. Photo courtesy of Can Tho Police Department

Southern property developer Nguyen Minh Hoang has been arrested on charges of forging a corporate seal to steal an 80% stake of real estate company Loi My 2, worth VND120 billion ($4.92 million).

Hoang, 55, was arrested by Can Tho City Police on Thursday.

Preliminary investigation found that Hoang in 2021 sold an 80% stake in the company to 29-year-old Le Ngoc Truc.

But due to conflicts with Truc, Hoang forged the company seal and stamped it on six share contracts to transfer a 80% stake worth VND120 billion to himself in mid-2022.

He also sought authorities’ permits to make himself the legal representative of the company instead of Truc.

The company at the time was developing a 350-apartment social housing project in the southern province of Vinh Long.

However, his request to be the legal representative was never approved.

Truc discovered the crime and reported it to police earlier this year.

Permits for the development of the social housing project have now been revoked as the company failed to start it within 12 months.