Government Inspectorate transfers Novaland’s files to investigation authorities, reveals the confusing path of 7,000 billion VND, ‘victims’ speaks out

On October 17, the Government Inspectorate transferred files related to violations at Novaland to public authorities for processing. Novaland is the focus of an inspection regarding corporate bonds from 2015 to 2023. One serious infringement involves creating transactions to withdraw funds from bond capital, including a case where Võ Thị Kim Khoa received money from Nova House for investment and then immediately transferred it. Approximately 7,084 billion VND from related companies has returned to Nova House. Many other companies were also found to have raised large sums for projects lacking legal conditions for sale. Novaland responded, confirming a bond debt of 34,878 billion VND and stated they were actively restructuring, having paid 15,319 billion VND. The enterprise claims no involvement in the illusory transactions and attributes the shortcomings in information disclosure to external events such as the Covid-19 pandemic.