Former corporate leader gets 15 years in prison for embezzlement
Te Tri Dung, former general director of HCMC-based Tan Thuan Industrial Promotion Company Limited (IPC), was sentenced Friday to 15 years in prison for embezzling VND1.58 billion ($66,800).
Combined with a previous sentence, Dung must spend a total of 30 years in prison.
Dung siphoned the money from Sepzone Linh Trung Co., Ltd. a Vietnamese-Chinese joint venture with a charter capital of $17 million. IPC is the Vietnamese partner with a 50% contribution, or $8.5 million.
Te Tri Dung clearly understood the regulations that remuneration and bonuses that he received as part-time representative of IPC at Sepzone Company, must be transferred to IPC.
However, he used fraudulent tricks to appropriate the remuneration and bonuses that Sepzone Linh Trung gave him.
In order to conceal the amount of money he was given, Dung asked the company’s board to withdraw his name from the list of those awarded remuneration in 2016 and 2017. He let Le Hoang Minh and Tran Thien Trung, full-time members at Sepzone Linh Trung, sign to receive the bonus in the form of additional payment that they handed over to him. A sum of $60,000 was transferred in this manner.
Dung also appropriated remuneration for meetings of the council of members mounting to $10,000.
On June 9, 2022, the People's Court in Ho Chi Minh City had sentenced Dung to 19 years in prison for "embezzlement of property" and "violation of regulations on management and use of state assets, causing loss and waste" with the South Saigon Development Corporation (Sadeco).
He was also accused of selling 149 land plots or more than 24,500 square meters, along with many accomplices at the An Phu Tay project (An Phu Tay commune, Binh Chanh district, Ho Chi Minh City), causing damage estimated at VND127 billion ($5.36 million).
The Central Highlands province of Lam Dong has approved two wind power projects with a total capacity of 40 megawatts and investment of VND4,398 billion ($185.5 million).
Energy - Fri, September 23, 2022 | 4:55 pm GTM+7
CloudEats, a pioneering cloud kitchen company with a presence in Vietnam and the Philippines, has raised a $7 million Series A extension led by Nordstar Capital to reach more Southeast Asian markets.
Industries - Fri, September 23, 2022 | 4:48 pm GTM+7
Spanish renewables developer Acciona Energia has entered into a strategic partnership with Asia’s The Blue Circle to build and operate the latter’s pipeline of projects in Vietnam and Southeast Asia.
Energy - Fri, September 23, 2022 | 4:24 pm GTM+7
Party chief Nguyen Phu Trong on Friday asked Ho Chi Minh City to prioritize construction and create stronger advances in growing the southern economic hub’s infrastructure system.
Politics - Fri, September 23, 2022 | 3:40 pm GTM+7
Vietnam will make 65% of tech giant Apple’s AirPods earphones, 5% of MacBook laptops, and 20% of iPad tablets and Apple Watch smart watches by 2025.
Companies - Fri, September 23, 2022 | 1:09 pm GTM+7
Vietnam’s efforts to deeply penetrate the global value chain and success in luring supply chain businesses are driving robust logistics industry growth and making it more attractive.
Industries - Fri, September 23, 2022 | 11:42 am GTM+7
Mercedes-Benz Vietnam CEO Bradley Kelly says the company will assemble, for the first time, the famous sports sedan Mercedes-AMG C43 in the country next year.
Companies - Fri, September 23, 2022 | 8:58 am GTM+7
Vietnamese industrial engineering company Lilama has signed an agreement with Germany's Thyssenkrupp Nucera to make two large-scale water electrolysis standard modules for a green liquid hydrogen factory in the U.S.
Companies - Thu, September 22, 2022 | 5:16 pm GTM+7
Phu Nhuan Jewellery JSC, Vietnam's largest jewelry retailer, reported an after-tax profit of VND1,246 billion ($52.55 million) in the first eight months of 2022, up 99.4% year-on-year.
Companies - Thu, September 22, 2022 | 4:45 pm GTM+7
Duc Tien, a famous Vietnamese actor, has invested in a house in the Long Island subproject of Novaland Group’s NovaWorld Ho Tram Tourism, Resort and Entertainment Complex.
Real Estate - Thu, September 22, 2022 | 4:00 pm GTM+7
Everwin Precision Technology Vietnam Ltd. is set to embark on construction of a $200-million electronic component factory in Nghe An province next month.
Industries - Thu, September 22, 2022 | 3:24 pm GTM+7
Prime Minister Pham Minh Chinh asked the State Bank on Thursday to consider raising its policy interest rates and deposit rates, while steadying lending rates.
Banking - Thu, September 22, 2022 | 3:04 pm GTM+7
The U.S. dollar at commercial banks has reached another all-time high against the Vietnamese dong after Vietnam increased its central rate to VND23,316 on Thursday.
Banking - Thu, September 22, 2022 | 2:59 pm GTM+7