SVA financial group CEO faces criminal charges

Tuesday, Jul 07, 2015 15:04

Former Director-General and CEO of SVA financial joint stock company Nguyen Minh Son. — Photo

HA NOI (Biz Hub) — The People's Supreme Procuracy has completed legal procedures to prosecute the former director-general and CEO of SVA financial joint stock company for alleged fraud, An Ninh (Security) Television Channel reported.

Under the indictment, former director-general and CEO of the company Nguyen Minh Son cheated others by falsely claiming to have ties with several officials of the public security ministry to help them escape punishment or get construction project licences. In doing so, Son misappropriated property worth VND11 billion (US$504,000) from many people.

In October 2011, Son met Truong Thanh Hai from the Ha Noi multi-sector construction company, who was being investigated by Cau Giay District police for allegedly violation of regulations. Son told Hai he had close ties with several public security ministry officials, and demanded VND6 billion ($275,000) for helping Hai to avoid punishment.

Hai gave Son VND3 billion ($137,600) in cash and made an acknowledgement of debt of additional VND3 billion to Son.

However, in June 2012, Cau Giay District police said the dispute between Hai's company and its partner was a civil matter and so, the two parties would handle the dispute themselves.

Hai realised he had been cheated and that Son did not have any ties with public security ministry officials, as he had pretended. Hai reported the case to the police.

In another case, Son pretended to be an investor of a transport project in the northern Thai Nguyen Province in order to cheat many businesses in July 2014. — VNS

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