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Company official arrested for fraud

Update: September, 05/2013 - 14:00
Nguyen Duy Xuyen allegedly used VND28 billion ($1.3 million) to invest in another company owned by his family. He is also alleged to have misused more than VND32 billion ($1.5 million).— Photo radiovietnam

HA NOI (VNS)– Ha Noi Police yesterday arrested the vice general director of the State-owned Quang Trung Engineering Limited Company, Nguyen Duy Xuyen, 58, for intentionally violating regulations on economic management.

The alleged violations are reported to have led to the financial collapse of the company..

Police investigations revealed that in the last two years, Xuyen, who was also director of an import-export service factory, a subsidiary of the company, abused his power to borrow nearly VND50 billion (US$2.3 million) from two banks.

He allegedly used VND28 billion ($1.3 million) to invest in another company owned by his family. He is also alleged to have misused more than VND32 billion ($1.5 million)..

Police are investigating Xuyen's violations and the involvement of other people. - VNS

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