SME stock company's big bosses arrested

Tuesday, Apr 23, 2013 16:25

HCM CITY – The Ministry of Public Police's investigative agency arrested Nguyen Thanh Nam, 38, director of SME limited stock company, yesterday for allegedly swindling billions of dong, according to Thanh Nien (Young People) Newspaper.

The company's chairman and general director Pham Huy Chi and vice chairman Pham Minh Tuan were also arrested.

An initial investigation revealed that SME and PetroVietnam Insurance Joint Stock Corporation (PVI) were cooperating on a stock project in which SME had to provide information about customers to PVI and sell stocks in accordance with PVI's orders.

However, SME's top managers provided faulty information and illegally withdrew billions of dong from PVI. -- VNS

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