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Nguyen Cao Tri, former CEO of Saigon – Dai Ninh Tourism Investment Company. (Photo: VNS) |
Nguyen Cao Tri, former CEO of Saigon – Dai Ninh Tourism Investment Company, has been arrested for allegedly appropriating a staggering US$40 million from the chairwoman of property developer Van Thinh Phat.
Speaking at a government press conference on Saturday, To An Xo, the Public Security Ministry’s spokesperson, said Tri’s arrest is part of an ongoing investigation into a high-profile fraud case at the An Dong Company, a subsidiary of Van Thinh Phat Group.
Tri had a business relationship with Truong My Lan, chairwoman of Van Thinh Phat Group, who had transferred a substantial sum of money to him for project trading and business purposes.
Tri’s alleged embezzlement occurred when Lan was arrested last October for alleged fraud related to the issuance and trading of bonds.
Tri had instructed employees to destroy all documents and papers that proved Lan transferred him the $40 million, with the intention of appropriating the money for himself.
While Tri has admitted to his crime and promised to repay the misappropriated funds, his properties have been frozen by authorities, ensuring that he cannot dissipate the ill-gotten gains, according to investigators.
Tri held several positions at member companies of Ben Thanh Group, such as investment director for Ben Thanh Tourist, and general director at the Ben Thanh Land Investment company.
Tri joined the management board of SaigonBank in October 2019. In June 2021, he purchased around 580,000 shares of the bank, worth around 0.19 percent of its charter capital.
He lost his position as a member of the management board on January 19.
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Lieutenant-General To An Xo, the Public Security Ministry’s spokesperson. (Photo: SGGP) |
Truong My Lan, aged 66, also known as Truong Muoi, is a prominent Chinese-Vietnamese billionaire in Vietnam’s business community. Her husband is a real estate entrepreneur in Hong Kong (China), local media stated.
Her company has extensive investments in commerce, hospitality, and real estate, being the owner of major projects and buildings in prime locations in HCMC.
In 1992, Lan established Van Thinh Phat Co., Ltd. operating in the fields of commerce and hospitality, which then expanded to the real estate sector.
In addition to Tri’s arrest, the Inspection and Supervision Department of the State Bank of Vietnam is also facing legal proceedings for abuse of position and powers.
“Severe punishment awaits those who misappropriate money and assets entrusted to them by their business partners during legal issues,” warned the Ministry of Public Security’s spokesperson.
