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).