|Hải Phòng People’s Court on Monday opened the trial of Lê Minh Quang, head of BBG Financial Group. – Photo vtc.vn |Viet Nam News
HẢI PHÒNG – The People’s Court in Hải Phòng City on Monday opened the trial of Lê Minh Quang, 33, head of BBG Financial Group, accused of appropriating around VNĐ386 billion (US$17.3 million).
Quang, chairman of the managing board and general director of the group, is accused of abusing trust and appropriating property.
He was arrested on May 28, 2015, for illegal business activities, after his attempt to flee to Laos failed.
From May 2014 to 2015, Quang had appropriated around VNĐ386 billion (US$17.3 million) through his company.
The police arrested two others, Vũ Bình Long and Nguyễn Thanh Bình for the involvment in the case. Investigators also prosecuted 13 more people linked to Quang.
Police officials had raided the BBG group’s headquarters in Đà Nẵng City and seized documents that revealed illegal gold trading activities of the company’s affiliates. They also searched the offices of BBG’s affiliates across 10 cities and provinces.
The BBG group was established in 2010 and expanded rapidly, setting up 18 branches and hiring 300 employees across the country.
It operated like a virtual trading floor for gold, jewellery, foreign currencies and gemstones, and as a financial consultant and loan provider. To attract investors, it offered very high interest rates.
Quang has admitted to the offence and will defend himself. The hearing is expected to go on till Friday. – VNS