Former chief of state tobacco firm detained

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Báo Tuổi Trẻ English - 71 month(s) ago 9 readings

Former chief of state tobacco firm detained

A former deputy CEO of the state-run Vietnam National Tobacco Corporation (Vinataba) has been detained for “deliberately violating state regulations on economic management, causing serious consequences.”

arrest For illustration purposes only

58-year-old Le Van Bang was alleged to have colluded with Le Van Duc and Nguyen Khac Tung, both 47, to fake contracts and signatures to appropriate state assets.

Tung, director of private-owned Tung Duong Co, and Duc, director of the Hanoi branch of An Phuc Co Ltd, have also been held in custody for “fraudulent acts committed to appropriate assets.”

The three are accused of forging contracts between Tung Duong Co and Vietnam Northern Food Corporation (VNFC), of which Bang is the former director, to embezzle more than VND16.7 billion (US$801,600) from the state in October 2007, investigators said.

Bang and Tung signed a fake contract in which Tung Duong Co sold 2,000 tons of corn worth more than VND8 billion to VNFC.

After receiving payment from Bang, Tung transferred VND7.5 billion to Duc, Bang’s younger brother.

Using a similar scheme, Bang and Tung went on to appropriate another VND8.1 billion in November, 2007.

The three were detained for further investigation, police said.

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