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Owner of bogus companies arrested

Update: September, 21/2012 - 15:06

HAI PHONG — Hai Phong City's Police have detained a 31-year-old local resident for allegedly setting up 30 bogus companies, causing losses of more than VND100 billion (US$4.7 million) in State funds.

Since 2007, Ngo Van Hoang of An Hoa commune, An Duong District, set up the companies and hired poor farmers and free labourers to be directors.

He bought more than 5,000 invoices from local tax offices to re-sell with fictitious revenues of over VND1 trillion ($47 million).

Police also apprehended four accountants hired by Hoan and have charged them for circulating fake documents. — VNS

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