ADV Partners Calls for Expedited Resolution of Món Huế Case

Seven years after the Món Huế restaurant chain abruptly closed nationwide, questions remain about investors’ funds, unpaid supplier debts and asset recovery.

Hong Kong-headquartered investment fund ADV Partners says the case concerns more than US$75 million in investment capital and allegations of misappropriation involving founder Huy Nhat and other individuals.

According to ADV Partners, deliberate and unilateral action by Huy Nhat led to the chain’s nationwide closure of over 200 stores in October 2019. Numerous suppliers and employees subsequently reported amounts owed to them.

Around the same time, foreign investors, including ADV Partners (through its associated company Silver Crest), filed a criminal lawsuit with the Vietnam authorities against Huy Nhat and his associates, alleging “acts of property appropriation or embezzlement and falsification in performance of duties”. The authorities imposed travel restrictions on Huy Nhat and his alleged accomplices, Tran Thi Thanh Tam, Nguyen Minh Buu and Ngo Thi My Hanh, and took measures to freeze Huy Nhat’s considerable personal onshore assets.

As another development, Vietnam authorities conducted investigations throughout 2020 and into 2021, following the investor’s filing in 2019, culminating in the opening of a formal criminal case in 2021 concerning alleged “abuse of trust to appropriate property”.

Seven years after the chain’s collapse, formal criminal charges against Huy Nhat and his co-defendants have yet to be brought. ADV Partners has submitted requests to the relevant authorities seeking a lawful resolution and protection of affected parties’ rights, and has patiently awaited a decision.

Against the backdrop of Vietnam’s efforts to combat fraud and economic crime, ADV Partners highlights three priorities in the Món Huế case:

• Resolution: Timely progress towards resolving the criminal allegations in accordance with the law.
• Asset recovery: Identifying, preserving and recovering relevant assets, including any transferred overseas.
• Affected parties’ rights: Enabling investors, domestic suppliers and employees to pursue their claims and protect their lawful interests.

ADV Partners respects the role of the competent authorities and remains available to continue to support, provide requested documentation and cooperate extensively with the broader proceedings.

A lawful resolution remains important to affected investors, suppliers and employees and would reinforce confidence in the protection of all legitimate commercial interests in Vietnam.

By Vietnam Business Forum