Seafood company director arrested over financial losses

Update: April, 01/2016 - 15:15
Thiên Mã 2 Seafood Processing Plant. Thiên Mã Seafood Import-Export Company Director Phan Bá Tòng has been arrested for causing financial losses amounting to millions of American dollars. –

CẦN THƠ (VNS) — Police yesterday arrested Director of Cần Thơ City-based Thiên Mã Seafood Import-Export Company Phan Bá Tòng for alleged economic violations that caused losses worth about VNĐ700 billion (US$31.4 million).

Police also searched Tòng’s house and office in the districts of Ô Môn and Ninh Kiều on the same day. Initial investigation shows that Tòng’s alleged crimes involve banks in the southern Hậu Giang and Cần Thơ.

Tòng is known as a successful businessman in the seafood industry, particularly in tra fish processing and export.

His company was established in 2005 with a charter capital of VNĐ70 billion ($3.14 million) and soon expanded with investment of hundreds of Vietnamese đồng to build three processing plants that had thousands of workers and 12 aquaculture farms. It’s said that he borrowed most of the investment from banks.

Late in 2012, Tòng claimed that he was unable to repay almost VNĐ600 billion of the debt he owed to banks. — VNS