Vietnam court jails soft drinks tycoon in US$40m scam case

Vietnam court jails soft drinks tycoon in US$40m scam case
Vietnam court jails soft drinks tycoon in US$40m scam case

Hello and welcome to the details of Vietnam court jails soft drinks tycoon in US$40m scam case and now with the details

Nevin Al Sukari - Sana'a - Vietnam’s top soft drinks tycoon, Tran Qui Thanh, was jailed for eight years on Thursday in a US$40 million (RM191 million) fraud case. — AFP pic

HO CHI MINH CITY, April 25 — Vietnam’s top soft drinks tycoon was jailed for eight years on Thursday in a US$40 million (RM191 million) fraud case — the latest high-profile business figure snared in the country’s sweeping crackdown on corruption.

Advertisement

The communist nation’s wide-ranging campaign to wipe out endemic graft has seen more than 4,400 people charged with criminal offences, including officials and senior business figures.

A court in Ho Chi Minh City found Tran Qui Thanh and his two daughters guilty of scamming investors over loans issued in 2019 and 2020.

Thanh, the 71-year-old chairman of beverage group Tan Hiep Phat, was ruled to have masterminded scams to appropriate assets put up as collateral against loans, state media reported.

Advertisement

Even when the borrowers paid back the money with interest, Thanh would refuse to give back the assets on various pretexts, including claiming they had forfeited their repurchase rights due to contract breaches.

The court sentenced Thanh’s 43-year-old daughter Tran Uyen Phuong, the company’s deputy CEO, to four years in jail.

Younger daughter Tran Ngoc Bich, 40, was given a suspended three-year jail sentence.

Advertisement

Tan Hiep Phat is one of Vietnam’s biggest beverage companies, known for its range of bottled tea and energy drinks.

In his final words before court, Thanh said he regretted what happened and was ready to take responsibility.

“I would like to be given leniency, handing me the chance to come back to society soon for my continued work and devotion,” Thanh was quoted as saying.

Some of Vietnam’s most successful business leaders have been snared in the graft purge.

In one of the biggest fraud cases in history, property tycoon Truong My Lan was sentenced to death earlier this month for masterminding a swindle that has caused losses estimated at US$27 billion.

Facing justice with Lan were 85 others, including senior banking officials, being sentenced on charges ranging from bribery and power abuse to appropriation and violations of banking law.

In March, a Hanoi court gave luxury property tycoon Do Anh Dung eight years in prison for cheating thousands of investors in a US$355 million bond scam.

State media reported that Dung and his son, who was jailed for three years, have already repaid the US$355 million. — AFP

These were the details of the news Vietnam court jails soft drinks tycoon in US$40m scam case for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV ICC prosecutor seeks arrest warrants for Israeli PM, defence chief and 3 Hamas leaders
NEXT Top French university loses funding over pro-Palestinian protests

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]