Vietnam business tycoon Ha Van Tham arrested for 'fraud'

yugasini By yugasini, 26th Oct 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/dkdcji-1/
Posted in Wikinut>News>Crime

One of Vietnam's richest business tycoons has been arrested on suspicion of lending fraud, authorities say.

Vietnam's richest Man

Ha Van Tham, a former chairman of the private Ocean Bank, was taken into custody in Hanoi on Friday, the ministry of interior said in a statement.

Vietnam's Central Bank also announced on Friday that it had suspended Mr Tham from his bank chairman role.

Mr Tham also owns significant stakes in hotel and real estate businesses.

His personal wealth is estimated to be several billion dollars.

Local media reported that Mr Tham could be held for up to four months pending further investigations.

The Central Bank said Mr Tham was "personally responsible" for some serious violations of the law but did not give further details.

Fraud clampdown
Shares in Ocean Group has fallen by several percentage points since Wednesday.

The Vietnamese government has vowed to clamp down on fraud and embezzlement.

In June, another one of Vietnam's richest men, Nguyen Duc Kien, was sentenced to 30 years in jail for tax evasion and illegal trading.

In Kien's case, observers have suggested that the charges against him were a result of an attempt to weaken the position of Vietnamese Prime Minister Nguyen Tan Dung, an associate of Kien.

Source:bbc.com

Tags

Central Bank, Fraud, Ha Van Tham, Investigations, Ocean Bank, Several Billion Dollars, Shares, Vietnam

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author avatar Fern Mc Costigan
29th Oct 2014 (#)

Awesome post and interesting piece as well!

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author avatar yugasini
29th Oct 2014 (#)

Thanks for the comment, have a nice day.

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