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Two business leaders face prosecution for fraud

Update: November, 21/2014 - 14:32
The Ngoc Sinh Fishery Import and Processing Enterprise. — Photo congan

CA MAU (Biz Hub) — Ca Maus Police Department yesterday prosecuted two fishing industrys business leaders for defrauding the Viet Nam Development Banks (VDB) Minh Hai branch in Ca Mau of VND600 billion (US$28.5 million).

The police arrested Dang Thi Ngoi, director of the Ngoc Sinh Fishery Import and Processing Enterprise in U Minh district, for defrauding VDB of VND430 billion ($20.4 million).

Ngoi closed down her business in 2009, though she had borrowed VND300 billion ($14.3 million) from the bank, plus a total interest of VND130 billion ($6.1 million) that she had been unable to pay earlier.

Ngoi could not pay her debts because her enterprises value was less than VND100 billion ($4.7 million), the police reported.

The local police also prosecuted Phan Minh Nhat, deputy director of the Minh Chau Fishery Processing Company in Cai Nuoc district, for defrauding VDB of VND170 billion ($8.1 million).

Nhat escaped arrest, however, by running away from his residential area.

The police are investigating further. — VNS

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