Asset Recovery For Nguyen Van Duong Faces Many Difficulties

Who is Nguyen Van Duong?

To understand the process of asset recovery for Nguyen Van Duong, it is necessary to grasp the subject’s background. Nguyen Van Duong, born in 1975, has a permanent residence in Dong Da District, Hanoi.

Before getting involved in legal troubles, he was the Chairman of the Board of Directors of CNC Technology and Investment Development Limited Company, specializing in security technology. This company was established in 2011 and was granted a direct intermediary payment service license in 2017.

Prior to founding CNC, Nguyen Van Duong was also the Chairman of the Board of Directors of UDIC Investment Joint Stock Company. UDIC was involved in a joint venture for the Bac Giang – Lang Son expressway project. At that time, UDIC owned capital of up to 491 billion dong, equivalent to 38% of the project’s capital.

However, in March 2017, the Ministry of Transport decided to terminate the restructuring plan. As a result, UDIC had to withdraw from the project. During this time, Nguyen Van Duong also withdrew from the company and joined forces with Vu Kim Ha to become the leader of CNC.

Nguyen Van Duong pocketed over 1,000 billion dong To understand how the asset recovery process for Nguyen Van Duong took place, it is important to know how much illegal benefit the individual gained. Specifically, after the investigation, the authorities concluded that Phan Sao Nam and Nguyen Van Duong were the masterminds of the Rikvip/ online gambling case. The operation involved 42,956,718 gambling accounts, 5,877 second-level agents, and 25 first-level agents, with total proven revenue of over 9,853 billion dong.

After deducting management expenses, rewards for gamblers, taxes for operating companies, and employee salaries totaling 3,700 billion dong, the remaining amount of 4,700 billion dong was distributed among the beneficiaries: Nguyen Van Duong received 1,655 billion dong, Phan Sao Nam received 1,475 billion dong, and the group of Le Van Kien, Phan Anh Tuan, and Hoang Thanh Trung received 1,574 billion dong.

Nguyen Van Duong and the legitimization of billions of dong By depositing over 392 billion dong into UDIC Investment Joint Stock Company and transferring it to the BOT Bac Giang – Lang Son Company, Nguyen Van Duong laundered illegally obtained funds. As the Chairman of the Board of Directors of UDIC Investment Joint Stock Company and the Chairman of the Board of Directors of CNC Technology, the defendant had the opportunity to carry out these actions.

The investigating authorities concluded that there was sufficient evidence to determine that Nguyen Van Duong committed money laundering through the act of depositing funds into UDIC Investment Joint Stock Company and transferring them to the BOT Bac Giang – Lang Son Company.

In particular, the defendant made five deposits totaling over 23 billion dong, while the remaining amount of 306 billion dong was sourced from the total cash amount of 474 billion dong that lower-level employees contributed to UDIC Investment Joint Stock Company on behalf of individuals, other companies, and Duong himself, under the pretext of temporary advances.

Asset recovery for Nguyen Van Duong faces difficulties According to the report on the execution of the civil judgment against Nguyen Van Duong, one of the key figures in the billion-dollar online gambling case involving Rikvip/Tip.Club, the process of recovering his assets is encountering difficulties. This is because Nguyen Van Duong currently does not have sufficient assets to guarantee the execution of the judgment.

Nguyen Van Duong was sentenced to 10 years in prison on charges of money laundering and organizing gambling according to the appellate judgment. In addition, he was ordered to pay a civil judgment amount of 1,655 billion dong. However, as of the current date, the convict has only paid over 244 billion dong (equivalent to nearly 15% of the total illicit gains from organizing gambling, which amounts to 1,655 billion dong).

Given the significant obligations for the execution of the judgment that Nguyen Van Duong currently has, the enforcement agencies have been actively following procedures to ensure the recovery of assets.