Bao Chau Pharma chairwoman arrested for creating fake economic contracts, illegal invoices
Nguyen Lan Huong, chairwoman of Bao Chau Pharmaceutical Group JSC, has been arrested in the northern province of Ha Giang for creating fake economic contracts and issuing illegal invoices "worth" more than VND367 billion ($14.7 million).
Nguyen Lan Huong, chairwoman of Bao Chau Pharma. Photo courtesy of Thanh Nien (Young People) newspaper.
Local police announced Saturday that legal proceedings had been launched against Huong, a 51-year-old Hanoi resident, for illegally printing, issuing, and trading invoices and documents per the Penal Code. She will be detained for three months for further investigation.
Initial findings show that taking advantage of state regulations on business registration conditions; self-declaration and self-payment of taxes; and self-printing, issuing, managing and using invoices, Huong established many "ghost companies" and used them to make fictitious economic contracts and issue illegal VAT invoices to legalize input and output materials and enjoy VAT deductions for Bao Chau Pharma.
These acts helped the firm increase the value of production and business to meet the requirements for participating in the over-the-counter (OTC) market and issuing shares to mobilize capital from investors.
The Ha Giang province police said that in 2022 and 2023, Huong directly implemented and directed her company’s accountants to create fake economic contracts and issue 368 illegal electronic VAT invoices "worth" over VND367 billion ($14.7 million) to serve the firm’s business accounting activities.
Bao Chau Pharma is based in Vi Xuyen district, Ha Giang province.
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