ITACO Launches Multi-Billion Dollar Arbitration Against Vietnam

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HOUSTON, July 05, 2022 (GLOBE NEWSWIRE) -- Tan Tao Investment & Industry Corporation ("ITACO"), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the "Treaty") pursuant to the 1976 UNCITRAL Rules (the "Arbitration").

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  • HOUSTON, July 05, 2022 (GLOBE NEWSWIRE) -- Tan Tao Investment & Industry Corporation ("ITACO"), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the "Treaty") pursuant to the 1976 UNCITRAL Rules (the "Arbitration").
  • Dr. Dangelas elaborated:
    "The Arbitration follows from a series of attacks by the then Prime Minister Nguyen Tan Dung and the Vietnamese corrupted system against my companies such as ITACO.
  • ITACO's industrial parks have drawn thousands of foreign investors to Vietnam and transformed many areas of Vietnam by providing jobs and utilities to local citizens.
  • "A billion dollar thermal power plant of Tan Tao Group is about to be 'wiped out'", Dan Tri, 4 October 2017.



HOUSTON, July 05, 2022 (GLOBE NEWSWIRE) -- Tan Tao Investment & Industry Corporation ("ITACO"), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the "Treaty") pursuant to the 1976 UNCITRAL Rules (the "Arbitration").

ITACO, one of Vietnam's largest publicly traded companies, was faced with no other choice but to commence the Arbitration after Vietnam sought to liquidate ITACO - a multi-billion-dollar company - on the basis of around USD 900,000 in debt that, it claimed, arose from a contract involving ITACO's subcontractor and a third party, a contract to which ITACO was never even a party. Dr. Dangelas elaborated:

"The Arbitration follows from a series of attacks by the then Prime Minister Nguyen Tan Dung and the Vietnamese corrupted system against my companies such as ITACO. I created ITACO in 1996, and it has been Vietnam's premier builder and operator of industrial parks in order to provide the manpower and material to create a platform with a 'one door service' so that investors could set up in Vietnam without waiting for years of bureaucratic hurdles. ITACO's industrial parks have drawn thousands of foreign investors to Vietnam and transformed many areas of Vietnam by providing jobs and utilities to local citizens. Because of the success of ITACO in changing peoples' lives for the better, I was nominated and elected to the National Assembly as representative of the people from Duc Hoa Province (where one of ITACO's largest industrial parks is located in 2011.) During that time, as a member of the National Assembly, I exposed the corrupted system linked to the then Prime Minister Nguyen Tan Dung. I used that position to speak out against corruption and in favor of greater transparency in Vietnam's Statist economy. Because of my bold and outspoken statements, I was dismissed from the National Assembly by the Vietnamese dictatorship on bogus grounds. Subsequently, the then Minister Nguyen Tan Dung continued to use his power engaging in a series of attacks against ITACO's employees, my families, and me. For example, Vietnam's secret police raided my offices and abducted two employees, who were held without being charged for an extended period. At the same time, death threats were made against me after my computers were hacked and vile, sexist attacks were lobbed against me in Vietnam's media."

Dr. Dangelas, Chairwoman and representative of ITACO, explains further: "During my life, I have vigorously fought for justice, not only for my companies, my investors, my employees, my family, and me, but also for many others, as I believe with all my heart and soul that we all were born to have a dignified life with 'certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.' The most important provision for the pursuit of happiness is justice and freedom. I also draw inspiration from the words of His Holiness the 14th Dalai Lama: 'Whether we are concerned with suffering ... with denial of freedom, with armed conflict ... we should not view these events in isolation. Eventually, their repercussions are felt by all of us. We, therefore, need effective international action to address these global issues from the perspective of the oneness of humanity, and from a profound understanding of the deeply interconnected nature of today's world.' Armed with the inspired words of the American Founding Fathers and His Holiness the 14th Dalai Lama, I have fought, and I am urgently pleading for effective international action in dealing with the current horrendous injustice in Vietnam."

  1.  ITACO and Dr. Maya Dangelas are represented by Philippe Pinsolle (Geneve) and Alexander Leventhal (Paris) of Quinn Emanuel Urquhart & Sullivan, LLP and Minh-Tam (Tammy Tran) of Tammy Tran Attorneys At Law, LLP (Houston).
  2. "Overview of corruption and anti-corruption in Vietnam" Anti-Corruption Resource Centre, available at https://www.u4.no/publications/overview-of-corruption-and-anti-corruption-in-vietnam.pdf; "Corruption in Vietnam: causes and culprits", Yen Duong, Cultural Relations Quarterly Review, Spring 2015, available at http://culturalrelations.org/Review/CRQR_02_02/CRQR_02_02_Duong-Y_Corruption-in-Vietnam.pdf ; "The ruthless truth behind Vietnam's corruption crackdown", Globe, 11 October 2017, available at https://southeastasiaglobe.com/communist-party-secretary-general-power/; "Vietnam Prime Minister Nguyen Tan Dung urged to resign", BBC, dated November 14, 2012, available at https://www.bbc.com/news/world-asia-20322830 ; "Vietnam arrests more oil executives amid corruption crackdown", Reuters, dated June 21, 2018 available at https://www.reuters.com/article/us-vietnam-security-idUSKBN1JH2G3.
  3.  "A billion dollar thermal power plant of Tan Tao Group is about to be 'wiped out'", Dan Tri, 4 October 2017.
  4. "Businesswoman Dang Thi Hoang Yen - Starting a business from two hands, Cafeland, 27 December 2011.
  5.  "Vietnam tycoon falls foul of the party", Financial Times, 27 April 2012.
  6. "Vietnam tycoon falls foul of the party", Financial Times, 27 April 2012
  7. "Vietnam tycoon falls foul of the party", Financial Times, 27 April 2012 ; "Vietnam, Events of 2019", Human Rights Watch.  
  8.  "Turn over Dang Thi hoang Yen", Blogspot, 9 October 2012, available at http://quanlambao111.blogspot.com/2012/10/quan-lam-bao-bi-hack-nhu-nao.html; "Hackers continue to hunt for Ms. Dang Thi Hoang Yen: 'Remove mask of Quan Lam Bao'", Wordpress, 20 April 2013, available at https://danhsachden787.wordpress.com/2013/04/20/dang-thi-hoang-yen-cua-quanlambao/    
  9. Letter from Mr. John Rafferty dated December 26, 2012  ; Petition from Dr. Dangelas dated December 5, 2012.  
  10.  Petition from employees of TEC dated December 2, 2012; Petition from Dr. Dangelas dated December 5, 2012. 
  11. Letter from Mr. John Rafferty dated December 26, 2012  ; Petition from Dr. Dangelas dated December 5, 2012.  
  12. "Turn over Dang Thi hoang Yen", Blogspot, 9 October 2012, available at http://quanlambao111.blogspot.com/2012/10/quan-lam-bao-bi-hack-nhu-nao.html; "Hackers continue to hunt for Ms. Dang Thi Hoang Yen: 'Remove mask of Quan Lam Bao'", Wordpress, 20 April 2013, available at https://danhsachden787.wordpress.com/2013/04/20/dang-thi-hoang-yen-cua-quanlambao/   
  13. "The Declaration of Independence". National Archives. 2015-10-30. Retrieved 2020-12-02.

Contact: Tammy Tran, The Tammy Tran Law Firm, 832-372-4403, [email protected]


Contact: Tammy Tran, The Tammy Tran Law Firm, 832-372-4403, [email protected]

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