Huy Nhat was the founder of the Nha Hang Mon Hue chain. — Photo thoidai.com.vn
A group of foreign investors have petitioned Vietnamese authorities to prosecute and take Huy Nhat – the founder of the Nha Hang Mon Hue chain – into custody for appropriating US$25 million.
The investors include Gifted Wisdom Limited (Gifted), Harvest Investment Advisory Co Ltd (Harvest), Fenghe Harvest Ltd (Fenghe) and MF Holding Inc, headquartered in China and Singapore.
In the petition, the foreign investors said Huy Nhat, who was also director of Horizon Property Group One Member Co Ltd, had appropriated $25 million by cheating them regarding capital investment in a 162ha-resort project in Lang Co, Phu Loc District, Thua Thien-Hue Province.
The Ministry of Public Security in April this year initiated a criminal case on "fraudulent asset appropriation" occurring at Horizon Property Group One Member Co Ltd.
In the petition, the foreign investors urged authorities to arrest and prosecute Huy Nhat for several reasons.
First, Huy Nhat has not only fraudulently appropriated $25 million from the investors, but has also cheated many other foreign investors. Instances include the appropriation of more than $70 million from investors ADV Partner, AIF Capital, F&H Fenghe, Fortress Investment, Gryphus Capital and Welkin Capital when they invested in Nha Hang Mon Hue. Late last year, the investors initiated legal proceedings against Nha Hang Mon Hue Ltd after the firm closed its eateries.
Second, these foreign investors said that Huy Nhat's behaviour was very dangerous as he took advantage of foreign investors' trust in the business environment of Viet Nam to create sizeable projects such as the real estate project in Lang Co or the Nha Hang Mon Hue chain, mobilising large investments which he then appropriated.
Third, it has been three months since the decision to initiate the criminal case, but the investigation agency has not prosecuted Huy Nhat, only temporarily detained him to then release him. Meanwhile, Huy Nhat had dispersed most of the appropriated assets by transferring the real estate to his family.
The foreign investors believe that the asset dispersion will continue until Huy Nhat is prosecuted and arrested. Huy Nhat could even escape the country as he has appropriated $100 million from foreign investors, they said. — VNS