WASHINGTON, Sept. 6, 2019 /PRNewswire/ -- American economist and Tan Tao Energy Corporation's Chairwoman Dr. Maya Dangelas launched arbitration proceedings Friday against the former Prime Minister, Nguyen Tan Dung, of the Socialist Republic of Vietnam for investment and lost profit damages in excess of $2.5 billion.
"The Kien Luong Thermal Complex Power Project would have created billions of dollars for my companies to provide employment and educational opportunities for the underserved in Vietnam and the U.S. This arbitration matter is not only a legal case for me, but it is the cause of my lifetime," Dr. Dangelas said Friday.
According to the Notice of Arbitration, while acting as Prime Minister, Nguyen Tan Dung illegally dissolved Tan Tao Energy Corporation's contract to build, own and operate the Kien Luong Thermal Complex Power Project in Vietnam.
Nguyen Tan Dung agreed to create an investment project for an industrial park, urban area power plant and deep seaport in Kien Luong District with Tan Tao Investments—a sister company to Tan Tao Energy Corporation—on July 15, 2007.
Nine years after execution of the contract, Nguyen Tan Dung authorized the removal of the Project, which was in direct violation of numerous investment authorizations and agreements by and between TEC and the Vietnamese government, according to the Notice of Arbitration.
"This filing aims to hold former Prime Minister Nguyen Tan Dung accountable for his actions in both his official and personal capacities. As a result, my client's loss of investment monies and profits are a direct result of the Prime Minister's actions in both his official and personal capacities," Tony Buzbee said.
Arbitration is demanded in this matter under the rules of the United Nations Commission on International Trade Law (UNCITRAL). Paris is the proposed seat of arbitration due to its worldwide recognition as a leading forum for international arbitration.
Representing the Claimants in this international arbitration are: Charles H. Camp (Washington, DC), Dr. Jalal El Ahdab (Paris), Anthony Buzbee (Houston), Chris Leavitt (Houston), and Minh-Tam (Tammy) Tran (Houston).
About: Dr. Dangelas was born and educated in Vietnam under the name Dang Thi Hoang Yen. From 1992 to 2011, she worked extremely hard to bring business and academic opportunities to Vietnam through her enterprises: Tan Tao Group, Tan Tao Corporation, Tan Tao Investment and Industry Corporation, and Tan Tao Energy Corporation ("Tan Tao"). Dr. Dangelas holds a doctoral degree in education. As a single parent, she raised three beautiful daughters, all academically and professionally successful.